Ellipal is a completely metal, airtight hardware wallet designed for mobile use but without network connections to ensure complete security against cyber and physical attacks. Today, in this Ellipal Wallet review, we will talk about the features that make it a great storage solution and how to set up your Ellipal Wallet. 

So, let’s see what Ellipal is all about and if it’s worth your time and money!

What is the Ellipal Wallet? 

Founded in 2018 during the bear market by David Tian and Tong Chen, Ellipal is a self-custodial, cold wallet that gives you exclusive access to your crypto funds. Developed to “create the ultimate hardware wallet,” Ellipal has established itself as the market-leading, large-screen air-gapped cold wallet that offers features like swap, staking, dApp support, a wallet app, and a better user experience.

Pros & Cons of Ellipal Wallet 

Here are the advantages and disadvantages of using the Ellipal Cold Wallet to secure your crypto assets, offering insight into whether Ellipal is a good wallet for your cryptocurrency needs.

Ellipal Wallet: Supported Coins

While conducting the Ellipal wallet review, we found that Ellipal supports 10,000 coins and tokens and 40 blockchains. These include Solana, Ethereum, Bitcoin, Hedera, Algorand, Cardano, Binance, Tether, XRP, Avalanche, XDC, Fantom, Polygon, Theta, Tron, Cosmos, Polkadot, Kusama, Zcash, and more.

As for the type of tokens that Ellipal supports, it has all kinds of categories, ranging from layer 1s, AI, gaming, meme coins, DeFi, metaverse, and more. It is also constantly adding new assets to keep up with the growing number of fresh projects launching every day. Ellipal is a one-stop solution for users to buy, sell, store, swap, and stake tokens.

The wallet further allows you to secure your non-fungible tokens (NFTs), protecting them from both online and offline threats. Ellipal supports NFTs on Ethereum and Polygon, offering robust compatibility. Additionally, the wallet can be connected to 50+ NFT marketplaces, enabling you to sell, buy, and trade NFT directly. You can also view your NFT collections in the mobile app.

Understanding Ellipal Wallet’s Pricing & Fees 

Now, let’s talk about the prices. Ellipal offers two types of products, each with a different price tag in line with its features. The more affordable option is the ELLIPAL Titan Mini Cold Wallet, priced at $99. This air-gapped wallet comes with a secure CC EAL5+ chip and support for QR codes. As for the physical device, this fully metal-sealed wallet weighs 112g, has a 2.4-inch screen, and has a 600 mAh battery with a standby time of 50 hours. 

The ELLIPAL Titan 2.0 Cold Wallet, on the other hand, will cost you $169. Much like the mini device, this one is air-gapped and has a QR scanner, CC EAL5+ security, a MicroSD card, and a fully metal-sealed body. Compared to the Ellipal mini, Titan 2.0 is bigger, weighing 140g, and has an IPS Display, 4-inch screen, and 1400 mAh battery.

When buying either of the devices, you’ll get a comprehensive package that includes a hardware wallet, a Type-C charging cord, one security adapter, one Micro SD Card, two seed phrase recovery sheets, and a user manual.

As for the transaction fees when using the wallet, you only have to pay the fees charged by the network you are using, such as Ethereum or Solana. You can manually select the network or gas fees to make sure that your transaction is successful. Swapping or buying coins directly inside the app or the device is also free of any charge. 

Is Ellipal Safe?

To ensure user fund safety, Ellipal makes use of several security measures, and in this Ellipal review, we will take a look at all of them:

Air-Gapped for 100% Security

Ellipal cold wallets protect your assets from online and remote attacks by ensuring complete isolation. Here, your private keys never come into contact with the internet, which is why Ellipal doesn’t provide support for any kind of wireless connection, be it cellular, Bluetooth, USB, WiFi, or NFC.

In crypto, air-gapped wallets represent the pinnacle of full online protection. They achieve this by completely separating your device from others, thereby shielding you from exploits, malware, hacks, or other types of cyberattacks. 

These wallets make use of QR codes or a Micro SD card to send or receive transactions from an outside wallet. Ellipal’s QR codes are offline, public, and verifiable. This way, air-gapped wallets like Ellipal give you full control over your coins and enhanced security, making them an ideal option to store your crypto fortune for the long term.

Even the firmware can be updated without an internet connection. This process involves downloading the latest software from Ellipal’s website and putting it on a microSD card. The card is then placed into the device, which will check and install the software.

Certified Security with EAL 5+

EAL, or Evaluation Assurance Level, is a grade given to an IT product following a security assessment based on Common Criteria. This level signifies the depth of testing the product has undergone. Under this internationally recognized standard, the lowest grade is EAL1, and the highest grade is EAL7. 

To achieve EAL5+, a product must demonstrate the highest possible level of security against penetration testing. In crypto, Ellipal is among the top hardware wallets like Ledger and Trezor that use secure element chips with an EAL 5+ certification.

Anti-Disassembly & Anti-Tamper

While many hardware wallets in the crypto industry claim to offer the highest possible online security, they may not always be fully secure from offline attacks. This is where Ellipal distinguishes itself by ensuring the product’s safety even before you get your hands on the device. 

Supply chain attacks pose just as much of a problem as hacks and phishing links, with popular hardware wallets like Ledger having actually experienced them. To safeguard your devices from a supply chain attack, Ellipan employs anti-tamper and anti-disassembly features.

Under the anti-tamper feature, the wallet automatically deletes its data in case a breach is detected, such as a hacker cracking open the wallet, making the device unusable. The anti-disassembly feature, meanwhile, is the wallet’s ability to resist being forced open by hackers. With these features, Ellipal ensures complete protection of your cryptocurrencies. 

Additional Measures

In addition to these security measures, Ellipal Wallet offers PIN and password protection whenever you use the device and your account. In case you forget your password, the recovery phrase will help you get back into your accounts.

Ellipal’s automatic self-destruction, meanwhile, ensures no one gets to your assets even if they steal your device by erasing everything on it if someone enters the wrong password 10 times.

Then, there’s an easy-to-use open-source private key generator called ELLIPAL Joy, which is equipped with a random number generator that produces 32-bit random numbers for absolute security.

Another security feature of Ellipal wallets that is a must to highlight in this Ellipal cold wallet review is the secret secondary wallet option, under which you can set up alternate accounts. So, if you are ever in a really dangerous situation, you can unlock an alternate account by using a different password.

Is the Ellipal Wallet Easy to Use? 

The Ellipal wallet is pretty sleek, simple, and easy to use. It has a big touch screen with a black background, so you can see everything clearly. There are no buttons here, just the touchscreen that allows you to perform all the actions such as creating accounts, adding coins, sending and receiving coins, staking tokens, and more.

The wallet also features a camera to scan QR codes, enabling you to connect with the mobile app and manage your assets. In the settings section of the wallet, you’ll find languages to select and a screen lock option to set your pattern and time for the same between 15 seconds and 30 minutes. 

The cold wallet is designed to be connected to the mobile app, which comes with a guide section to help you set up as well as use the wallet. Right on the main page, you’ll find your cold wallet option, along with the assets, markets, and profile options at the lower end of the screen. 

To move your assets, you simply have to click on the cryptocurrency you want to transfer, and you’ll find your crypto address and balance, as well as send and receive options. You’ll also find your transaction status in the history whether the asset has moved out, in, or failed.

Overall, it was clear to us during our Ellipal wallet review that it offers a user-friendly experience for managing your crypto holdings. As for the wallet’s reputation, on the customer review site Trustpilot, Ellipal has an average rating of 2.8, with primary issues around orders. While low, it’s in line with other providers like Ledger, which has a 2.3 rating, though Trezor has a higher rating of 3.6.

Key Features of the Ellipal Wallet

Now, let’s cover different features that you can access on Ellipal:

A Hot Wallet in Mobile App

For starters, you can download a mobile app on both Android and iOS devices. Both Titan Mini and Titan 2.0 support all mobile systems. Android users can download the app from Google Play, where it has a 4.0-star rating and 50K+ downloads. Meanwhile, Apple users can download it from the App Store, where it has a 3.7 rating and is compatible with iPhone (iOS 14.0 or later), Mac (macOS 11.0 or later), and Apple Vision (visionOS 1.0 or later).

The air-gapped setup of these cold wallets necessitates using the app to initiate transactions, as it serves as a proxy. You can connect your app to Titan Mini and Titan 2.0 using QR codes. 

On its own (separate from the hardware wallet), the app works as a hot wallet. Through the Ellipal mobile app, you can buy, sell, trade, and invest in crypto with ease, with the buying feature powered by Simplex, Bifinity, and Banxa. To make a purchase, you just have to complete KYC, and then you can use Visa, Mastercard, or Apple Pay to purchase crypto right from the app.

Moreover, the one-stop app not only allows swaps between two cryptos, a feature powered by Changelly and SWFT, but it also integrates with software wallets like Metamask. This integration allows you to connect to dApps and explore the vast and vibrant Web3 ecosystem. Recently, Ellipal even introduced the seamless linking of accounts with Metamask via a QR code.

Earn Passive Income with Staking

At Ellipal, you can also enjoy earning opportunities by simply locking up your tokens. For those unaware, staking is a popular way to earn passive income in the crypto world and is widely available across wallet providers. 

Staking on Ellipal is pretty easy to do. You can simply use the QR code scanner and directly stake from the wallet. However, the available options are extremely limited. 

We found during the Ellipal wallet review that you can only stake a total of just five crypto assets with Ellipal Titan Mini and Titan 2.0, which are as follows:

• Cardano (ADA)
• Cosmos (ATOM)
• Polkadot (DOT)
• Kusama (KSM)
• Tezos (XTZ)

Vast World of dApps 

With Ellipal wallets, you can enjoy a wide range of dApps—decentralized applications that are often free for anyone to use worldwide. These cover a diverse range of areas, including payments, gaming, metaverse, lending, social media, and much more.

Ellipal facilitates this through popular Web3 wallets like MetaMask and WalletConnect, enabling you to use more than 200 dApps. Here, you can swap, lend, borrow, game, and NFT on ETH, BSC, and Huobi’s HECO ecosystems.

To get started, just get to the Ellipal App, discover MetaMask to connect, scan the QR code, and start exploring.

Ellipal’s Customer Service 

Customer service isn’t crypto’s strongest suit due to the industry’s decentralized nature. With no single centralized authority in control, this makes sense. However, with mainstream, non-technical users getting in, it’s prime time for crypto products and service providers to offer prime assistance to their consumers. 

We found in our Ellipal titan review that the hardware wallet provider has a help center. This center provides a FAQ section, user manual, and information about order and shipping and warranty and refund policy. Its blog section, meanwhile, covers a wide range of industry topics to help its users stay informed and remain secure.

To contact the firm, you can write to Ellipal’s customer service at cs@ellipal.com. The company has also provided its Hong Kong address and other emails to contact. It further has a bounty program to fortify its wallet security.

However, there was no live chat or phone number. Ellipal’s social media meanwhile covers X (previously Twitter), Facebook, Instagram, TikTok, and YouTube.

How to Use Ellipal Wallet

In this section, we’ll help you get started with Ellipal Wallet:

1. Download the App

Once you have purchased the Ellipal Titan device, you first have to select the language. Then, it’s time to download the app. To do so, take your phone and scan the QR code from your wallet, or you can just go to the Apple Store or Google Play Store. You can also head to the Ellipal website to download the ELLIPAL App.

2. Create an Account

Next, tap on ‘Create Account’ on your device. This will require you to enter your name and password. 

3. Set Up a Recovery Phrase 

Now comes the most important part: writing down the 12 or 24 words that the device presents you. These random sets of words, called mnemonic phrases, are the backup for your private keys, and in no condition you could misplace them because if someone else gets to these words, they can get access to your crypto fortune. 

So, write them on a piece of paper. Do not write them on your phone’s notes app, the Google sheet, or take a picture because then they run the risk of being compromised as they are online. Once written, store them in a secure place. If you ever lose your device, these words will help you restore your wallet.

Your device will then ask you to confirm your mnemonics. You just have to select them in the correct order. 

4. Add Coin Addresses

Before moving your crypto to the wallet, you have to add them first. Just select the coins you want to store in this account. Once added, Ellipal will create an address for the chosen coins.  

5. Connect to the App

Now, to connect your account to the app, select your account. In the upper right corner of the screen, click on the icon. This will take you to ‘Connect to App.’

On the app, you can tap on ‘Connect to Cold Wallet,’ which will turn on your phone camera. Then, just scan the QR code. 

As your app and wallet connect and all your information is synchronized, you can add assets right from your app, check your balance, and transfer your assets.

6. Make the Transaction

On the Ellipal app, go to assets and select the crypto you want to use. Then, you’ll see three options: ‘Send’, ‘Receive,’ and ‘Exchange.’ Tapping on the send option will take you to a page where you have to fill in the amount of crypto and the address that you want to send it to. You can then choose the fees and submit the transaction.

On your cold wallet, go to your account, select the asset, and tap the ‘Sign’ icon. After entering the password, your camera will turn on. Use it to scan the QR code displayed on your app. 

Now, your wallet will generate a ‘Signed Data QR code’ that you have to scan on the app to finish the transaction. To check the status of your transfer, simply look at your transaction history on the app.

Is Ellipal Wallet Worth It in 2024? Our Verdict

Having been in the market for 6 years now, Ellipal boasts of a successful track record with its crypto cold wallet. Its air-gapped device ensures full protection from online threats, while its anti-tampering, anti-disassembly, and self-destruction features prevent any offline attacks. 

By using this cold wallet with the Ellipal mobile app, you can further enhance your security, buy and swap coins, manage thousands of tokens and NFTs, boost your holdings with staking, and explore the exciting dApp space.

Use the ELLIPAL&CRYPTONEWS coupon code for a $20 discount at the checkout. However, please note that while all cold wallets from the Titan series, including bundles, are eligible for this discount, accessories are not.

In short, it was clear to us during our Ellipal Titan 2.0 cold wallet review that Ellipal is one of the best cold wallets for storing and managing your Bitcoin, altcoin, and NFTs. So, to protect your crypto fortune, check out an Ellipal Wallet today!

FAQs

References

• What is Evaluation Assurance Level (EAL)? (TechTarget)
• Decentralized Applications (dApps): Definition, Uses, Pros and Cons (investopedia.com)
• What is Air Gap? Definition & Meaning (BitDegree)
• Mnemonic Seed | Source of Keys in an HD Wallet (Learn Me A Bitcoin)
• Anti-tamper Glossary (National Institute of Standards and Technology)

The post Ellipal Wallet Review appeared first on Cryptonews.

If you want to keep your cryptocurrency secure, a crypto hardware wallet is a way to go. But which one should you choose? In this article, we review Trezor Model T – one of the most advanced multi-currency hardware wallets out there.

Trezor Model T: Key Features

Trezor Model T is an advanced hardware wallet for true cryptocurrency holders and enthusiasts. Released in February 2018, Model T is the next-generation device that:

Supports more than 1650 coins and tokens. Store Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), various stablecoins, tokens, and other crypto assets. The complete list of Model T supported cryptocurrencies can be found here.
Advanced security measures. Put your assets in secure cold storage and back up your seed phrase with advanced security measures like Shamir backup.
Improved usability thanks to the integrated touchscreen. Unlike its predecessor, Trezor One, the Model T comes with a touchscreen, making it more convenient to interact with the device and its security features.
Mobile connectivity. Make payments with your phone by plugging-in the device to your phone via WebUSB.
Extra features for power users. Tech enthusiasts can get the most out of Trezor Model T by making use of its additional features like passwordless login, self-destruct PINs, universal 2nd-factor authentication (U2F), SSH login, GPG, and much more.

Overall, Trezor Model T is a top-notch device for the security of your crypto assets. Whether you’re a newbie or a pro, using Trezor is a smooth and wholesome experience.

What Is Trezor?

Trezor is a cryptocurrency hardware wallet brand by crypto-security firm SatoshiLabs. Established in 2013, SatoshiLabs has released two Trezor products to this day – Trezor One and Trezor Model T hardware wallets. The company is based in the Czech Republic, which is where it manufactures Trezor devices.

Aside from Trezor, other projects by Satoshi Labs include:

• Tropic Square: Open-source, transparent and secure chip solutions.
• Invity: a cryptocurrency rate comparison tool.
• Blockbook: an open-source blockchain indexer.

Perhaps the most important project of the above is the ‘Tropic Square’ initiative, which produces Trezor’s open-source element chip. Other popular crypto hardware wallet developers tend to use a closed-source secure chip, which means you have to trust the hardware manufacturer not to introduce back doors and other third-party-related security risks.

Today, Satoshi Labs remain one of the most reputable cryptocurrency hardware wallet developers. It has not experienced any large-scale hacks nor scandals, so its devices remain one of the safest options on the market to this day.

What’s In The Box?

A standard package of Trezor Model T wallet contains the following items:

• Welcome leaflet
• USB-C to USB 2.0 cable
• Two paper recovery seed cards
• Trezor stickers
• Magnetic dock

Additional Trezor Model T accessories like recovery seed plates, extended cables, or leather cases can be purchased at the Trezor shop.

Trezor Model T Design and Usability

Trezor Model T has a nice feeling to it – it is lightweight and easily portable yet durable. Unlike Trezor One, it has a touchscreen interface, which not only makes it look better than its predecessor but also makes it easier to navigate.

As a user-friendly device, Trezor Model T is used together with Trezor Suite, which can be downloaded here. The software stack makes it easier to interact with the device, while simultaneously protecting your private keys from exposure to the internet.

Trezor Model T Security

Cryptocurrencies are much different from traditional bank accounts, which are protected by passwords and other authentication techniques. Storing digital assets in your private wallet used to be no easy feat, but hardware devices like Trezor make it significantly simpler. So how does Trezor Model T secures your funds?

First and foremost, the device is used to store your private wallet keys, which are the only proof that your cryptocurrency holdings belong to you. Trezor allows you to sign cryptocurrency transactions without exposing your private key to external devices, making it a highly secure option for every crypto holder.

The device is equipped with a 168MHz AMR processor (Cortex-M4) and runs Trezor Core, a custom-developed system. All Trezor hardware and software is open-source, which makes Trezor one of the most transparent hardware wallet providers. Notably, Trezor Model T does not have a closed-source secure element and instead encrypts all data using a passphrase.

When it comes to supply chain attacks, it is good to know that all Trezor devices are manufactured and packaged in the Czech Republic. The company ships devices worldwide using its network of trusted supplies and Amazon. To further defend its devices from potential supply chain attacks, Trezor Model T is kept in a separate container and tamper-evident box sealed with a holographic sticker.

If any of the package’s components appear to be damaged, counterfeit, or tampered with, be sure to check if the device has already been set up or run the bootloader to check for a valid firmware signature. If a device from an official seller appears to be compromised, you contact Trezor and receive a replacement device.

Make sure to acquire the device either from Trezor’s webstore or via one of its official resellers. Trezor cannot guarantee the security and genuineness of devices that we’re purchased from unofficial third-parties.

A complete overview of the Trezor security scheme, as well as its open-source code, can be found here.

Recovery Seed

When setting up a Trezor device, you will be asked to generate a recovery seed, which is a secure, human-readable sequence of 12 or 24 words from a BIP39 word list. You will need it to restore your wallet if your Trezor device breaks down, is stolen, or you lose access to it. It is by far the most critical part of your security setup, so make sure to back it up safely and securely, where it will be outside the reach of potentially malicious actors like hackers or robbers.

It is not recommended to store your recovery seed online, and ideally, you should never enter it into any other device except your Trezor during the wallet recovery process.

Generating a BIP39 word list using a Trezor wallet means that you generate it completely offline, where no one else can access it. Statistically, it is impossible to brute force or guess it in any other way, so it remains secure as long as it hasn’t been copied or exposed to a digital network.

In case you’re wondering what’s the best way to secure your recovery seed, check out our CRYPTOTAG seed recovery plate review.

Alternatively, Trezor Model T is the only device on the market that lets you generate a split-recovery seed using a Shamir backup method.

Shamir Backup

Unlike other cryptocurrency hardware wallets, Trezor Model T also lets you back up your device’s recovery seed by splitting it into multiple unique shares. To recover the wallet, only a designated number of seed shares has to be collected and used – this is called a Shamir backup method, named after cryptographer Adi Shamir, the author of Shamir’s Secret Sharing algorithm.

In more practical terms, instead of generating a single BIP-39 seed phrase of 12, 18, or 24 words, you can generate up to 16 recovery shares consisting of between 20 and 33 words and set a minimum threshold of how many recovery sheets will be needed to recover the wallet. The minimum threshold for a full wallet recovery is at least two recovery shares.

Each share can be held in different places with different people and constitutes a truly decentralized security setup. As such, even if you lose a certain amount of shares, you will still be able to recover your cryptocurrency funds without an issue.

The most common Shamir backup setups use either 2-of-3 or 3-of-5 shares, but you can adjust it to your own individual needs as it is highly customizable.

Trezor PIN code

Trezor Model T lets you secure your crypto assets by setting up a unique PIN code meant to secure your device while it is in use. It is a sequence of numbers that you will need to enter into the device every time you’re connecting it to an external device in order to make transactions or generate new wallet addresses.

Unlike its predecessor, Trezor One, Model T allows you to enter your pin directly into the device using its touchscreen instead of typing the numbers on a randomized keypad generator on an external monitor, which makes using it smoother and more convenient.

Passphrase

Finally, it is recommended that you set up a passphrase in addition to your PIN code. It is an advanced security feature that can be used to protect your accounts against sophisticated physical attacks on your device.

Think of a passphrase as a way to extend your recovery seed. It consists of up to 50 case-sensitive characters and is chosen by you. Unlike entering a PIN, entering a wrong passphrase will generate you a completely new ‘empty’ wallet, meaning that it is impossible to access your funds without a correct passphrase. You can also use several passphrases to set up a ‘decoy’ wallet in case of a successful physical attack.

Trezor Model T: Supported Coins

Trezor Model T is a multi-currency crypto wallet, meaning that it supports bitcoin and more than 1650 altcoins. A complete list of supported coins can be found here.

Trezor Model T vs Trezor One

Trezor Model T is a second-generation Trezor hardware wallet released on February 26, 2018. Its predecessor, Trezor One, has passed the test of time and can be considered as a reliable budget alternative to Trezor Model T.

Here’s how the two devices match up to each other:

One important difference between Trezor One and Model T is that Trezor One does not yet support the wallets of following altcoins supported by Model T:

• Cardano (ADA)
• Ripple (XRP)
• EOS (EOS)
• Monero (XMR)
• Tezos (XTZ)
• Ontology (ONT)

How to Set Up Trezor Model T?

In order to set up Trezor Model T, follow these steps:

1. Examine the tamper seal to see if your package hasn’t been opened during the delivery process.
2. Unbox the package and connect your Trezor to the device.
3. Download and install the Trezor Suite.
4. Click the “Create a new wallet’’ button. The device will ask you to check if the wallet has been used before, so make sure you hit ‘Check Trezor’ to see if anyone interacted with the device before.
5. Install the latest firmware on your Trezor.
6. Choose your preferred backup method. You can choose between a standard seed and an advanced seed, which means using a Shamir backup method we described earlier.
7. Follow on-screen instructions to create a wallet.
8. Back up your seed phrase in a secure, offline location
9. Create a PIN code for your Trezor Model T.

Congratulations! Now you can use your device for receiving, storing, and sending your crypto assets in a highly secure manner.

Still confused? Here is a detailed video tutorial by well-known Bitcoiner BTC Sessions that you can follow along.

Trezor for Power Users

Asides from storing your crypto assets, Trezor power users can use Model T for the following tasks:

• Trezor Password Manager
• Passwordless login (FIDO2)
• Wipe code (self-destruct PIN)
• Encrypting the PIN with MicroSD card
• Two-factor authentication with U2F
• SSH login
• GPG
• Running your own Trezor wallet
• Running your own Trezor backend
• …and more cool custom things.

Better safe than sorry. If you’re going to store large amounts of value on your Trezor Model T, it is not recommended to use it as your password manager. Though this is feasible, it is not the most optimal strategy for one’s security setup.

Conclusion

Trezor Model T is an advanced cryptocurrency hardware wallet with improved usability and design. Produced by a top-notch security specialist, Satoshi Labs, it combines a variety of security features that empower you to create bulletproof security set up for your cryptocurrency holdings. As such, Model T by Trezor is the most advanced multi-currency wallet in the market.

The post Trezor Model T Wallet appeared first on Cryptonews.

If you’re looking for a crypto hardware wallet designed for Ethereum, ERC-20 tokens, and all sorts of NFTs, Keycard might be the right option for you. Designed to be used together with a Status app, it provides you with a higher level of security and ownership of your transactions and private keys. It can also be used as a two-factor authentication (2FA) key in the Status app to protect your personal account. This review examines the Keycard wallet, its usage, security, features, and more.

Keycard wallet is one of the best options for DeFi enthusiasts. Key features of the wallet include:

• Status app integration. When used with the Status app, Keycard delivers a seamless user experience unmatched by other hardware wallets. Besides, you can browse top Ethereum dapps, play games, send private messages, and make or receive payments directly from and to your Status wallet.
• Compatibility with all major cryptocurrencies. If you’re a developer, you integrate Keycard into other wallets or products using its Open API.
• Contactless transaction verification using NFC. Keycard enables you to carry your cryptocurrencies on your phone as it turns it into a reliable cold wallet. If you need to spend your coins, all you need to do is initiate a transaction and confirm it with your Keycard.
• Can be integrated with a Desktop Wallet. If you have a USB-contact reader, you can integrate Keycard and use it with a desktop application.
• Tap-To-Launch feature. Keycard can be set to launch a designated app or URL by simply touching it to your NFC reader.
• Familiar design. Unlike clunky hardware wallets, Keycard can fit into your physical wallet and be used on-the-go as it has a size of a standard Visa card.

When used with the Status app, Keycard does not support non-ethereum tokens, which means that you cannot store tokens like Bitcoin or Litecoin on it. However, it supports all ERC-20 tokens, and you can still store bitcoin on it by exchanging your BTC to ERC-20 compliant Wrapped Bitcoin (WBTC).

Nevertheless, more technically adept developers can integrate Keycard with their own products using the Open Source Keycard API and use it to store any other cryptocurrencies that use secp256k1 ecdsa signatures, which includes Bitcoin (BTC), Litecoin (LTC), XRP, Bitcoin Cash (BCH), and other crypto assets.

The Keycard wallet is a secure, open-source, contactless hardware wallet with open API, built as a part of the Status Network.

At the moment, Keycard can be used as a hardware wallet only, but its roadmap includes introducing physical payments with Keycard, where your phone acts as a universal digital wallet.

Currently, Keycard costs only EUR 29 or its equivalent, and can be purchased via this link.

How to Use Keycard

Setting up a Keycard wallet is relatively simple. Unlike its competitors Ledger or Trezor, Keycard was designed to be a mobile-first hardware wallet from the get-go.

Setting up a Keycard goes like this:

1. Download the Status app from the Google Play Store or App Store and follow on-screen instructions.
2. Open the app, tap your card to your phone’s NFC reader, and set up your Status account and wallet. Make sure that your phone’s NFC sensor is on.
3. Write down your recovery seed and passphrase and keep it in a safe place. The best practice is to keep your seed engraved on a durable material such as a metal plate like CRYPTOTAG; however, a simple sheet of paper may do it temporarily, too.
4. IMPORTANT: During the process, the Status app will also ask you to write down a pairing code and PUK. Much like your mnemonic (seed) phrase, it will not be presented to you again, so make sure to keep them secure if you ever forget your PIN code or want to use Keycard on another phone. It is possible to use one Keycard on several phones simultaneously, and one pairing code lets you set up up to 5 concurrent secure channels.

Here you have it! Your own Ethereum hardware wallet. The process of onboarding is an easy, clear, and smooth experience, so all you need to do is follow instructions received in the Keycard package and on-screen in the Status app. In fact, it’s so smooth that even your grandma could probably do it.

The Status App

At pixel time, Keycard can be used with the Status app, which is available on Android only. Nevertheless, the team is working on an iOS version, too.

Status is an Ethereum messaging app and web 3.0 browser startup that lets you explore other dapps and communicate with like-minded people privately using Ethereum blockchain. Besides, the app makes it easy to make crypto payments and browse your wallets, and Keycard lets you make contactless payments wherever you have your phone.

Keycard Security

Keycard wallet is entirely open-source and you can find its Github repository here. Technically speaking, it provides a hardware implementation of the BIP-32 HD wallet to support key generation, derivation and signing and exporting EIP-1581 keys.

The Status wallet is a non-custodial service, which has been audited by a third-party security firm, so you can recover your account with your seed backup even when you lose your mobile device.

The Keycard’s security is based on the applet software used on the card, which has been audited by a third-party security auditing firm, too. In more technical terms, Keycard is a SE secure element with a high degree of hardware protection and has passed CC EAL5+ formal testing.

If you have any further questions or want to contact the wallet’s developers, you can do so in its official communication channel here or in the official Discord channel.

Keycard Review: Conclusion

The Keycard hardware wallet is one of the cheapest and user-friendly crypto hardware wallet options on the market today. It can support many crypto assets, make it easy to interact with dapps, and most importantly, provide secure private keys storage in an offline environment. These unique qualities make Keycard a must-have for every Ethereum and DeFi enthusiast.

The post Keycard Wallet appeared first on Cryptonews.

Cryptotag Odin is the latest crypto wallet recovery seed backup toolkit dedicated to Shamir backup (SLIP39) users. It lets you split your wallet recovery seed into multiple distributed shares and store them on secure, immutable, and damage-proof titanium hexagons. Although most crypto wallets do not yet support the SLIP39 standard, it is an excellent option for Trezor Model T users as it is the first major wallet to support and popularize it.

Likewise, Cryptotag is the first recovery seed product designer to offer a dedicated product for Shamir backups. As such, Cryptotag Odin is a must-have for everyone who finds the Shamir backup scheme valuable and essential for their crypto security.

Cryptotag Odin Review: Pros and Cons

Cryptotag Odin is a premium wallet backup toolkit designed for wallets that use the Shamir Secret Sharing (SLIP39) seed recovery scheme. Although not as popular as the standard BIP39 recovery seed used by most wallets, SLIP39 lets you eliminate a single point of failure in your seed recovery process, and Cryptotag Odin is the tool that will keep your recovery sheets readable and intact even in the harshest physical conditions.

Some of the key advantages of Cryptotag Odin include:

• Extra security. If you find yourself thinking about how to improve your crypto security setup, adding an extra wallet or moving entirely to a Shamir backup scheme might be a great option. Add titanium hexagons into the mix, and you might finally grant yourself complete peace of mind.
   
• Extreme durability. Much like its predecessors, Cryptotag Thor and Cryptotag Zeus kits, Odin’s hexagons are made of high-grade titanium that is resistant to heat, water, and physical damage. It will make your Shamir backup shares capable of surviving even the most challenging physical conditions for lengthy periods.
   
• Easy to set up. Odin uses a familiar setup process adapted for SLIP39 seeds. You’ll still have to sweat to punch holes into titanium, but the Cryptotag team made this process easier than it sounds. The duration of the setup procedure also depends on the number of secret shares in your Shamir setup.
   
• Quick delivery. Cryptotag team pays special attention to its service design, which includes fast delivery service to most corners of the world. You can expect your package to arrive within 1 to 3 days after placing your order. More specific delivery times can be found here.

When it comes to the drawbacks of Odin, this is what comes to mind:

• Most major wallets do not yet support SLIP39. While Cryptotag Odin is designed explicitly with the Trezor Model T hardware wallet in mind, it is also compatible with other SLIP39 supporting wallets. Cryptotag also has Zeus and Thor backup options for most if not all BIP39-based wallets.
   
• Each Odin hexagon is limited to 20 words. While some of the Shamir Secret Sharing wallets let you choose to generate 33 words per share instead of 20, it’s worth keeping in mind that you’ll only be able to store 20 words per share with Cryptotag Odin.
   
• Criticisms of Shamir Secret Sharing. Some security experts claim that Shamir Secret Sharing introduces its own shortcomings into crypto security setups, while others highlight its benefits. Despite these differences in opinion, it is generally accepted that each crypto security scheme has its strengths and weaknesses. You should choose the option that fits your personal needs, wishes, and circumstances best.

What Is Shamir Backup?

In very simplified terms, Shamir backup can be deemed as a multi-signature scheme for your recovery seed. It splits your recovery seed into multiple seed shares that can later be used to recover your crypto wallet in case of its loss or device failure. But that’s not the best part.

Unlike BIP39 wallets, which require you to have the exact amount of recovery words in a particular order, SLIP39 lets you recover your entire wallet using a predetermined threshold of shares, meaning that you don’t have to have all of your shares for full wallet recovery. 

For example, Shamir backups let you create:

• 3 seed shares with a recovery threshold of 2
• 5 seed shares with a recovery threshold of 3
• 7 seed shares with a recovery threshold of 4
• Multiple other variations

The maximum number of seed shares is 16, while the recovery threshold can be set to anything from 1 to 16.

Such a method leaves extra room for error in case you lose access to certain parts of your recovery setup due to an accident or theft.

Here is a brief Shamir backup video explainer by Trezor:

What’s In The Box?

You can order three variations of Cryptotag Odin – Odin 3, Odin 5, and Odin 7. The only two differences between these packages are the number of titanium hexagons you’ll receive for your setup and their price.

Other than that, Cryptotag Odin shipment includes:

• 3, 5, or 7 titanium hexagons
• 3, 5, or 7 silicon sleeves for hexagons
• Center punch toolkit
• Cryptotag matches
• Earplugs
• A setup guide
• Conversion sheets (paper)
• SLIP39 word list

Package specifications:

Design and Durability

Unlike its predecessors Cryptotag Thor and Zeus, Cryptotag Odin is a unique hexagon shape. Each hexagon can store up to 20 SLIP39 words. However, you’re not going to store SLIP39 words directly on the hexagon – you’ll be using their corresponding list numbers instead. 

The SLIP39 word list contains a total of 1024 words (unlike the BIP39 word list, which uses 2048 words), each of which has its order in the sequence. For example, the alphabetical list starts with the word ‘abandon,’ meaning that its corresponding number is 0001. Meanwhile, the last word in the list, ‘zoo,’ can be easily replaced with the number 1024 and vice versa.

As a result, instead of punching in the entire world, all you have to do is punch in a corresponding four-digit number of the word. According to Cryptotag, using numbers instead of words is an easier and more reliable way to store recovery seed information into a titanium plate. 

A complete list of all SLIP39 words and their corresponding numbers that are punched on the hexagon and also can be found on the official Cryptotag website. Alternatively, Cryptotag dispatches a printed version of the SLIP39 word list for each Odin package.

When it comes to Odin’s durability, it remains one of the most robust backup products out there. It is made of high-grade titanium that is resistant to water damage, rust, heat (up to 1665°C or 3029 °F), and all sorts of physical damage. According to Cryptotag’s testing facility, it has been tested with:

• Blocktorch
• Blacksmith fire
• Open fire
• Closed fire
• Pneumatic hammer
• Profile bending
• Metal roller
• High-pressure
• Beretta 9MM (shooting distance 10m)
• Glock 9 MM (shooting distance 10m)
• CZ Scorpion SMG (shooting distance 10m)

As such, you’re virtually guaranteed to receive one of the highest grade cool storage tools available on the market today.

Compatible Wallets

Cryptotag Odin goes hand in hand with the Trezor Model T hardware wallet, which was the first major wallet to support the SLIP39 format. 

Besides, it is also usable with other SLIP39 supporting software and hardware wallets, namely: 

• Keystone
• Hermit
• Electrum
• Bluewallet

Some SLIP39 supporting wallets allow its users to select the number of recovery words required per share – either a 33-word or 20-word recovery sheets. Keep in mind that each of Odin’s shares can store up to 20 words only, so shares that exceed this limit are incompatible with Cryptotag Odin.

Setting Up a Shamir Backup Wallet

Creating a Shamir backup on your compatible wallet is much like making a regular BIP39 setup, except that you have to write down more seed words, select a number of shares, and their corresponding threshold.

For instance, here is a short video guide by Trezor on how to create a Shamir backup:

In case you’d like to get further guidance on how to create a secure Shamir backup with your Trezor Model T, here is a detailed video explainer by Vlad Costea from BitcoinTakeover.com. 

How To Set Up Cryptotag Odin Backup?

Setting up Cryptotag Odin is not so different from its BIP39 counterparts. You can upgrade your Shamir backup scheme from paper to titanium in six simple steps:

1. Get your recovery words. Bring all of your Shamir backup recovery sheets to a single place or set up a new Shamir wallet with a desired number of shares and write down their words (see the previous paragraph).
    
2. Convert your recovery words into their corresponding numbers. You can find them in a provided SLIP39 word list that came with your Odin package. Alternatively, you can find the digital version of the list on Cryptotag’s website.
   
   Important: if you’re using a digital version of the wordlist, do not type in or mark your seed words on your browser or other search mechanisms – it might introduce an additional attack vector in case your computer is compromised. It’s safer to use the analog version if possible in order to minimize risks.
    
3. Punch the numbers onto the titanium hexagons just as they appear on your paper recovery sheets. 
    
4. Burn your paper recovery sheets as keeping additional paper copies may only introduce additional attack vectors. You can use Cryptotag’s dedicated matches for a full Cryptotag experience.
    
5. Distribute and hide your titanium hexagons. Here you have it – your own secure Shamir backup. Take care and keep it safe!

In case this wasn’tCryptotag’sCryptotag’s sufficiently clear, here is an original 5-minute setup instruction video by Cryptotag:

Cryptotag Odin vs Cryptotag Zeus vs Cryptotag Thor

Cryptotag Odin is a backup tool dedicated specifically to Shamir SLIP-39 backup schemes. Meanwhile, Cryptotag Thor and Zeus toolkits are designed for BIP-39 seed phrase storage, and the sole difference between the two titanium plates is the price and the number of wallets and seed words than can be stored via each kit.

You can read our full reviews of Cryptotag Thor and Cryptotag Zeus here.

Cryptotag Odin Review: Conclusion

Cyptotag Odin is the best Shamir backup option on the market today and is an excellent addition to Cryptotag’s repertoire of quality backup products. If you’re using or thinking of using Shamir recovery seed backup, upgrading your paper seeds into titanium hexagons is a no brainer.

The post Cryptotag Odin Wallet appeared first on Cryptonews.

Cryptotag Zeus seed backup plate is a must-have for every serious hodler. If you are preparing to take your crypto coins out of exchanges or already store them in a private hardware wallet, the importance of a proper backup setup should not be underestimated. Too many people have made this mistake in the past – losing your recovery seed is one of the worst ways to part with your crypto holdings. No one is insured against unexpected accidents, and steel or sturdier seed backups are a no-brainer. Naturally, Cryptotag Zeus is the titanium insurance you might be looking for.

Cryptotag Zeus Review: Key features

Cryptotag is a handy tool for those who seek complete peace of mind for their personal custody setup. It is known for:

Durability. Cryptotag seed recovery plates are some of the most durable record-keeping tools in the market and can endure damage by a fire up to 1667°C / 3032°F, resist corrosion and erosion, and survive bullets without any loss of data.
Titanium quality. Cryptotag is made of titanium, meaning that it is a premium-tier product for companies and individuals who take their crypto security seriously.
Ease of use. Unlike its predecessor Cryptotag Thor kit, Cryptotag Zeus is even simpler and faster to set up. All you have to do is follow the instructions that come with the package and make sure you have a copy of the BIP-39 word list (included in the starter guide).
Non-reusable. Like most recovery seed backup solutions, it is non-reusable, meaning that if you have more than two hardware wallets or simply want to change wallets, you will need to order extra plates for every new setup.
Quick delivery. Although the delivery times vary based on your location, the product is shipped worldwide and will reach you within 1 to 3 business days.

All in all, Cryptotag is one of the most trusted brands when it comes to crypto seed backup and recovery. Although its price may be higher compared with competitor products, being frugal does not mean being cheap!

What Is a Cryptocurrency Seed Recovery Kit?

Unless you are a developer or a crypto economy worker who gets paid in crypto, most new cryptocurrency users get their first coins from cryptocurrency exchanges. Most popular crypto exchanges are centralized services that take custody of your crypto assets just like banks take custody of your cash – they have complete control over your assets and there are plenty of reasons why you shouldn’t keep your crypto coins with them. If you decide to custody your own coins, you will need to obtain a secure private wallet you can use on a daily basis, and hardware wallets (such as Trezor or Ledger) are considered to be some of the most secure options there.

Hardware wallets are specially designed devices that make use of top-tier cryptography to allow you to sign transactions without ever revealing your private key to an online device, meaning that you can significantly reduce the risks of using and safeguarding your coins.

In order to set up your private wallet securely, you will need to create a seed backup. A seed backup is a string of words that lets you recover your device in case of a loss or failure. There are many ways to create a secure seed backup for your device but engraving it on a titanium plate like Cryptotag ensures that it will endure even the most unexpected events like fire, flood, damage from pressure, bullets, and much more.

You still have to keep it safe and away from unauthorized access but encoding your backup words on the most durable material may help you to preserve your secret or even pass it forward as an inheritance to new generations.

What’s In The box?

Cryptotag Zeus comes as a small package of 14.5 x 12 cm / 5.7 x 4.7 in. It includes:

• 2 Plates
• High-Quality Center Punch
• Matches
• Earplugs
• Setup Guide

You can really feel that Cryptotag takes a special focus on the packaging of its products, as unboxing the package is always a delightful experience.

Other specifications:

Cryptotag Zeus Design and Durability

The first thing you’ll notice about the package is its weight and sturdy design. All tools that come with the package seem to have a nice extra touch to them, thus making it a wholesome experience. It even comes with ear plugs and a box of Cryptotag matches. The former is meant to protect the user’s sensitive ears during the punching process, while the latter is meant to burn your old paper backup seed.

In case you get lost in the process, the Starter Guide is here to guide you through. It explains all the steps and includes the BIP-39 word list. Two plates in the Zeus kit enable you to store up to 24 recovery words, which amounts to 1 or 2 hardware wallets (based on your setup).

Besides, you can add a personal touch to each of the backup plates by adding a personalized title.

According to the product website, the kit boasts of substantial damage tolerance, including but not limited to:

• Blocktorch
• Blacksmith fire
• Open fire
• Closed fire
• Pneumatic hammer
• Profile bending
• Metal roller
• High-pressure testing
• Beretta 9MM (shooting distance 10m)
• Glock 9 MM (shooting distance 10m)
• CZ Scorpion SMG (shooting distance 10m)

For more proof of the durability of the kit, see Cryptotag’s testing facility page or observe various tests conducted by independent third parties.

How to Set Up Cryptotag Zeus?

The process of securing your wallet seed with Cryptotag Zeus generally involves four steps:

1. Write down your recovery words on the Conversion Sheet.
2. Find the correlating numbers in the BIP39 word list.
3. Write down the numbers on the Conversion Sheet.
4. Puch the numbers in the titanium plate.

Here is a quick setup explainer video by the Cryptotag team:

Cryptotag Zeus vs Cryptotag Thor

Cryptotag Zeus is a starter kit for anyone who seeks a reliable way to store their seed backup. Meanwhile, Cryptotag Thor is a more advanced toolkit that comes with its own items like a hammer, stamping kit, and the capacity to store two seed backups instead of one. Hence, Zeus is best suited for beginners who are making their first crypto security setup, while Thor is better suited for more advanced security setups that may include multiple wallets.

Cryptotag Zeus Review: Closing Thoughts

Cryptotag Zeus is a premium tier backup device that might offer the best value-for-money in the market right now. A nearly-indestructible titanium plate, set up tools, nice packaging, and clear setup instructions make it a must-have for every top-tier crypto security setup.

The post Cryptotag Zeus Wallet appeared first on Cryptonews.

In our Nexo review, we’ll explore the pros and cons of Nexo as well as the exchange’s features that set it apart from other platforms.

Our Take on Nexo

By some measures, Nexo might be better described as a crypto lending platform than an exchange, but the addition of the Nexo Pro advanced trading platform makes Nexo competitive with well-known exchanges like Coinbase for crypto trading. Where the platform falls short is in its comparatively small selection of 65 cryptocurrencies. By contrast, Coinbase offers more than 250 tradable cryptos.

Nexo remains a popular choice for traders who want to earn a yield on their crypto holdings and fans of the Nexo card, which can act as a rewards credit card or as a crypto debit card.

Nexo’s Strengths

Considering the popularity of cryptocurrencies in 2024 there are thousands of crypto exchanges fighting to become household names. In this section we’ll examine the features that set Nexo apart from the competition.

Easy-to-use platform:

New and experienced users should feel at home on Nexo. The platform is well-designed and intuitive to use. Nexo Pro offers a low-cost trading solution for advanced traders, which brings an uncluttered interface and clear charts with over 100 available indicators.

Nexo card: The Nexo card offers the best combination of benefits compared to other crypto cards from providers like Coinbase, Crypto.com, and Gemini. Other cards work as credit or debit cards, with no possibility of switching modes. Nexo provides a two-in-one solution that lets you easily switch between credit and debit modes. Credit mode uses your crypto as collateral to borrow while earning up to 2% cashback. Debit mode lets you spend BTC and other crypto assets like cash, automatically converting your crypto to cash as needed. In debit mode, you also earn up to 14% interest, paid in crypto.

Crypto lending: While the Nexo card offers an easy way to access the value of your crypto, Nexo also offers crypto loans funded with cryptocurrency you can deploy on other protocols or on Nexo itself. Borrowers can repay according to their own schedule with instant approval. Lenders can earn up to 16%, with interest paid daily.

Who is Nexo Best For?

Is Nexo ideal for HODLers or short-term traders? Let’s explore who Nexo caters to:

• People who want to hold their crypto. Rather than needing to sell your crypto to raise capital, Nexo lets you borrow against your crypto. Use your funds for any purpose.
• People who want to earn a yield. Crypto yields for lending reach 14% or boost your yields by choosing interest paid in NEXO tokens. Stablecoins pegged to a fiat currency earn the highest yields, so you don’t have to risk volatility to earn a return.
• Traders outside the US and UK. Nexo is withdrawing from specific markets due to regulatory concerns.

Nexo at a Glance

Here’s a convenient table covering the key metrics users should keep in mind when researching Nexo in 2024.

Cryptocurrencies Available for Trading on Nexo

Nexo’s selection of 65 cryptocurrencies lags behind competitors like Kraken, with about 240 cryptocurrencies, and Coinbase, with over 250 cryptocurrencies. However, the platform supports the most popular cryptocurrencies and a number of perhaps surprising altcoins.

Top Cryptocurrencies on Nexo by Trading Volume

• Bitcoin (BTC)
• Ethereum (ETH)
• Solana (SOL)
• BNB (BNB)
• Ripple (XRP)
• Avalanche (AVAX)
• Arbitrum (ARB)
• Cardano (ADA)
• Dogecoin (DOGE)
• Polygon (MATIC)

Although the selection on Nexo is smaller than other platforms, the exchange still offers several in-demand altcoins.

Altcoin Selection on Nexo

• Chainlink (LINK)
• Uniswap (UNI)
• THORChain (RUNE)
• Maker (MKR)
• Aave (AAVE)
• Hedera (HBAR)
• Synthetic (SNX)
• Osmosis (OSMO)
• Bonk (BONK)

Trading Fees on Nexo

Nexo offers two trading platforms, each with its own fee structure. Basic “swaps” come with no fees and include a cashback bonus of up to 0.5%. However, Nexo also uses a variable spread, which adds to the cost of swaps.

Swaps support trigger prices, so you can continue earning while waiting for a price you choose. You can also stack multiple swap orders to average out of a position or dollar-cost average when buying.

What Is Dollar-Cost Averaging in Crypto?

Identifying market lows for buying and highs for selling can be tricky business. Dollar-cost averaging offers an easy way to optimize your trades without needing to be a trading guru.

• Buying: When buying, dollar cost averaging works by buying a fixed dollar amount at a fixed interval, such as buying $100 worth of bitcoin on the first of every month.
• Selling: Some investors also use reverse dollar-cost averaging to exit a position, selling a fixed amount at a fixed interval to avoid the perils of timing the market incorrectly.

Nexo Pro, Nexo’s advanced trading platform, does not add a spread to trades. Nexo’s fee structure positions the exchange lower than Coinbase but higher than Kraken and Binance at base tiers. For example, Coinbase Advanced charges 0.6% maker fees and 0.8% taker fees at the base volume tier. By comparison, Nexo Pro charges just 0.3% and 0.4% maker and taker fees, respectively.

Maker Fees vs. Taker Fees

Many advanced trading platforms like Nexo Pro base trading fees on a maker/taker model.

• Maker orders “make” a market by providing liquidity in the form of fixed-price (limit) orders. Without limit orders, we’d have nothing to trade against. Imagine a training world with no prices.
• Taker orders “take” liquidity off the market by buying or selling against existing orders. These are often called market orders because you’re trading at market prices.

Trading fees on the Pro platform vary by 30-day trading volume.

Nexo Pro Trading Fees

Nexo Futures Trading Fees

Trading fees for perpetual trades are fixed at 0.06% for opening or closing a position.

Similar to other perpetual futures platforms, Nexo uses a variable funding fee, which helps the contract price track market prices. Funding fees can add to the cost of trades or may reduce overall trading costs.

Nexo Review: The Nexo Trading Experience

Few crypto platforms offer an interface as clean as you’ll find on Nexo. It’s as beginner-friendly as it gets.

Simple swaps, in which you exchange one crypto for another, work as smooth as butter. In a few clicks, you’ve rebalanced your portfolio. And swaps support triggers, a way to buy or sell at a price you set – and you can set multiple triggers, easing in or out of a position. That convenience comes with a cost, however: spreads.

Generally, a spread refers to the difference between the highest-priced selling order and the lowest-priced buying order in an order book. But it can also refer to a markup that allows an exchange to lock in a price on volatile assets. The latter is what Nexo uses for its no-fee swaps, and it can be costly in some cases. Some users report spreads of up to 2% or higher. Spreads vary based on market conditions, so check the numbers before confirming a trade to be sure the swap makes sense for you.

Boosters

Swaps also support “boosters,” which refers to borrowing against your crypto to trade larger amounts. This process can be completed manually using Nexo’s Instant Crypto Credit Lines, followed by a swap. But the booster option on the convert tab simplifies the process and lets you use up to 3x leverage with just a few clicks.

We’ll cover Instant Credit Lines in just a bit. Loan balances accrue interest but don’t have a fixed payment schedule.

Nexo Pro

To avoid the spread fees discussed earlier, you can instead use Nexo Pro, an advanced trading platform that’s easier to use than many competing platforms.

Nexo Pro starts out simple but offers more functionality with a few clicks. Notably, the advanced trading platform provides charts with over 100 indicators. Add MACD (moving average convergence/divergence), shown above, or any of 100+ other indicators instantly.

Advanced trading platforms can be notoriously tricky to use. Nexo bucks the trend, making Nexo Pro simple enough that newer traders can trade successfully. As a caveat, Nexo Pro doesn’t offer many of the features available on other platforms, such as automated trading bots or options trading. Less clutter translates to fewer trading tools.

Nexo Futures (Nexo Pro)

Perpetual futures let you bet on the future price of BTC and other cryptocurrencies without buying the crypto asset. Instead, you buy a contract that bases your profit or loss on the difference between the price when you open the contract and the price when you close your position.

Choose to go long (a bet the price will increase) or short (a bet the price will decrease) and amplify your earnings with leverage of up to 50x on 70+ crypto assets. Leverage trades use your crypto as collateral, with the highest leverage available for USDT collateral, which has the least volatility.

Due to the higher risk associated with leveraged perpetual futures, Nexo requires users to pass a quiz before they become eligible to trade futures. Availability also varies by region, with US and UK users restricted.

Nexo Web3 Wallet

Recently, Nexo added a Web3 wallet as a way to interact with decentralized applications to swap cryptocurrencies and earn yields. The wallet supports external wallets, like MetaMask or Coinbase Wallet, but can be used as a standalone app as well. Thus far, Nexo’s wallet is not supported on its mobile app, however.

What Is Web3?

Web3 refers to the crypto ecosystems that use your wallet address as your identity. In web 2.0, we use usernames and passwords. Web3 aims to return ownership of your identity to users, allowing you to transact or interact with relative privacy compared to web 2.0.

Currently, the Nexo Wallet supports five networks.

• Ethereum
• Polygon
• Avalanche
• BNB Smart Chain
• Fantom

Notably, Abitrum, which is the largest Ethereum Layer 2 network, is not yet supported.

Nexo Wallet offers several features that simplify web3 usage, operating much like a portal to the decentralized crypto world – but with guard rails to help users avoid deep ravines.

Nexo also adds some features not found with many other wallets.

• Batching: Execute multiple transactions at once to save on fees.
• Flexible gas payments: Crypto networks use cryptocurrencies to pay for transactions and computing power on the network. Nexo Wallet lets you use stablecoins or other supported tokens to pay for transactions.
• Optimized transactions: Nexo uses “smart transactions” to optimize and save money on transactions.
• Aggregated liquidity: Make swaps on decentralized apps without leaving your wallet. Nexo searches for the best value when making swaps, spreading your swap across multiple decentralized exchanges if needed.
• Aggregated wallets: See all your wallet balances and NFTs in one place (supported networks only).

Although a decentralized wallet, users from specific regions, including the US, cannot use the Nexo Wallet app.

Nexo labels its wallet as “beta,” suggesting that more features are on the way, including a “DeFi card,” about which no details have yet been provided. Our curiosity is piqued.

Nexo’s Mobile App

Like its desktop counterpart, the Nexo mobile app is well-designed, smooth-running, and easy to use.

Expect a scaled-down experience, however. Nexo Pro (including futures trading) was conspicuously absent from the mobile app, as was the Nexo Web3 Wallet.

Supported features center on swaps through Nexo Exchange, lending and borrowing, and the Nexo Card, which we’ll cover in more detail shortly. Swaps were not available in certain regions.

Nexo’s mobile app serves as a simple way to manage lending and borrowing on the go, with the ability to perform simple swaps from anywhere.

Nexo Loyalty Levels

Many of Nexo’s perks vary depending on your “loyalty level,” ranging from Base to Platinum. Loyalty tiers are determined by the amount of NEXO tokens held relative to the total account balance.

• Base: No NEXO tokens are needed. This level includes accounts with less than 1% of the portfolio value in NEXO tokens.
• Silver: At least 1% (up to 5%) of your total portfolio value in NEXO tokens qualifies for Silver Level.
• Gold: If your account has 5% up to 10% of its portfolio value in NEXO tokens, your account qualifies for Gold Level benefits.
• Platinum: Accounts with 10% or more of the portfolio value in NEXO tokens qualify for Platinum Level benefits, including the highest interest rates for lending and the lowest rates for borrowing.

Loyalty levels drive interest rates on Nexo, with higher tiers earning higher interest rates.

Nexo Lending Interest Rates by Loyalty Level

Minimum amounts apply, however. For example, you’ll need at least 0.001 BTC to earn interest on your BTC deposits.

• BTC minimum: 0.001 BTC
• ETH minimum: 0.01 ETH
• NETH minimum: 0.005 NETH
• NEXO minimum: 1 NEXO
• USDT minimum: 1 USDT
• USDC minimum: 1 BTC

Stablecoins like USDT have the lowest minimum deposit requirements and pay the highest interest rates in lending.

Staking Opportunities on Nexo (Smart Staking)

Nexo scaled down its staking support recently, now focusing on NETH, an Ethereum staking token that lets you earn staking rewards with as little as $1. Nexo calls it Smart Staking.

When staking ETH on Nexo, your staked ETH is converted to NETH, which earns rewards and can be used as collateral for loans.

Nexo Staked Ethereum (NETH) earns from staking rewards in addition to MEV (Maximum Extractible Value). MEV is a process in which transactions can be front-run, changing the order of transactions to earn extra yields. Nexo runs its own validators, making this possible.

The combination of mechanisms used by Nexo Smart Staking often results in higher overall yields for stakers.

Ethereum staking earns 4% to 8% annually, depending on loyalty tier.
Nexo Smart Staking earns 3.5% to 12% annually based on loyalty tier.

Nexo’s Web3 Wallet also supports several decentralized staking and yield protocols.

Nexo Lending and Borrowing

The Nexo platform remains better known as a lending and borrowing platform than as an exchange.

Lending on Nexo

Users can earn strong yields by buying or transferring assets to the platform. Increase your earnings by locking your funds for three months.

Nexo pays interest automatically. For example, if you buy or deposit USDT, you’ll earn 9% at current rates on the Base tier. Lock your funds for three months to earn an additional 3%. Higher tiers earn higher rates, boosted by a bonus yield paid in NEXO tokens.

Borrowing on Nexo

Nexo also lets you borrow against your crypto. No credit checks, no paperwork, and no required monthly payments.

Because borrowing on Nexo uses your crypto as collateral, loan-to-value (LTV) drives the transaction. With a low LTV of under 20% and Platinum level, you can borrow with 0% interest. As LTV increases, interest rates increase as well.

LTVs under 20% earn the best interest rates for borrowing when combined with Platinum and Gold levels.

Borrow as little as $50 using stablecoins like USDT or $500 in fiat, with a maximum of $2 million daily.

Generally, loans are instant but can take up to 1 day if Nexo needs additional information for Know Your Customer (KYC) or Anti-money laundering (AML) requirements.

Nexo Card

The innovative Nexo Card (Mastercard) is one of Nexo’s top features.

• Spend your crypto like cash in debit mode.
• Borrow against your crypto in credit mode.

Switch between the modes easily and on the go using the Nexo mobile app.

In credit card mode, your Nexo card taps into your instant lines of credit, borrowing against your crypto. Interest rates vary based on your loyalty tier, but unlike a traditional credit card, there are no fixed monthly payments.

Credit mode also earns cashback rewards paid in NEXO tokens or BTC.

In debit card mode, you can spend your crypto like cash. Conversion rates apply using Nexo’s spread, discussed earlier. Debit mode does not support cashback, but you can earn interest on the crypto you hold on the platform.

Nexo Review: Supported Payment Methods

Choose from several ways to fund your account. Available options vary by market.

• Credit cards
• Debit cards
• Apple Pay
• Google Pay
• SEPA – EUR
• Faster Payment Service (FPS) – GBP
• Wire transfer – USD
• Crypto deposits

Minimum Deposit

Expect to deposit at least $10, £10, or €10 when making a fiat deposit.

In general, Nexo does not have a minimum deposit for cryptocurrencies, with some exceptions.

• Tron (TRX): 0.09 TRX
• Bitcoin Cash (BCH): 0.0005 BCH
• Litecoin (LTC): 0.0005 LTC
• Polkadot (DOT): 1 DOT

Minimum Withdrawals

Moving your crypto to a self-custody wallet may require a minimum withdrawal on Nexo.

• Bitcoin: 0.001 BTC
• Ethereum: 0.01 ETH
• NEXO token: 1 NEXO
• Tether: 10 USDT
• US Dollar Coin: 10 USDC
• Ripple: 25 XRP
• Avalanche: 1 AVAX
• Polkadot: 1 DOT

Check Nexo’s help pages for additional minimum crypto withdrawal amounts.

Nexo’s Customer Support

Like many crypto platforms, help comes in the form of chatbots and a ticket system. Nexo’s chat is open 24/7 and serves up AI-powered questions and answers. Just ask for an agent to get live assistance.

Nexo reviews on Trustpilot earn the platform one of the highest TrustScore rating we’ve seen for crypto trading platforms. Nexo scores a 4.7 out of 5, which is higher than eToro (4.3 out of 5) and miles ahead of exchanges like Coinbase (1.5 out of 5) and Kraken (2.0 out of 5).

Rare negative reviews of Nexo on Trustpilot receive a response from Nexo within 24 hours on Trustpilot.

Nexo’s Security and Licensing

Nexo holds several licenses and registrations with major regulators, although tightening regulations have led the exchange to pull out of markets such as the US and UK.

Nexo Registration and Licenses

• US registrations and licenses: In the US, Nexo is registered with the Financial Crimes Enforcement Network (FinCEN) and has also obtained a BitLicense through the New York Department of Financial Services. Nexo is also licensed with the California Department of Financial Protection and Innovation. However, the company is phasing out operations in the US and already blocks access to many features, depending on location.
• Outside the US: Nexo is also registered with the Australian Securities and Investment Commission (ASIC), FINTRAC in Canada, Organismo Agenti e Mediatori (OAM) in Italy, and licensed with the Financial Services Authority (Seychelles).

Proof of Reserves and Security Ratings

As a lending platform, it’s essential to demonstrate that the platform has enough assets to cover its liabilities. The 2022 collapse of several crypto platforms, including Celsius, which shared a similar lending/borrowing business model, makes transparency essential.

As far back as 2021, Nexo provided proof of reserves to show assets exceed liabilities in real-time rather than using a snapshot. However, since then, fewer auditing firms have focused on crypto. Nexo replaced its auditing firm with TrustReserve, which briefly offered a proof-of-reserves attestation for Nexo but which is now gone.

CER, a leading cybersecurity certification platform, notes Nexo as having proof of reserves. However, we were unable to find an active link. Overall, CER currently gives Nexo a “D” rating and lists Nexo as “uncertified,” which could suggest incomplete data.

CER’s methodology considers the following:

• Server security
• User security
• Penetration test
• Bug Bounty
• ISO 27001 certification
• Funds insurance

In a Reddit post from 2023, NexoJosh indicated that Nexo had discontinued the arrangement they had with their auditing partner and is pursuing alternative ways to assure the community regarding reserves.

Reserves aside, Nexo implements several security measures to harden accounts, including two-factor authentication and biometric authentication with its mobile application. The platform also supports whitelisting, a method of restricting withdrawals only to addresses you approve.

Insurance

Crypto custody partners Bakkt and Ledger Vault provide secure storage while also offering limited insurance for crypto assets.

What Could Nexo Do Better?

• Document proof of reserves. Following the collapse of well-known crypto exchanges like FTX and crypto lending platforms like Celcius, it’s imperative to show users that the exchange has the assets it says it has and that it can cover its liabilities. Nexo offered proof of reserves in the past, but we were unable to find current proof of reserves.
• Offer a less complicated tier system. Nexo’s tier system uses loyalty levels to drive interest rates, staking rewards, and more on the platform. All these moving parts center on holding a token of little real-world value elsewhere, which has fallen in price dramatically from its highs. As the price of NEXO tokens falls relative to the broad market, users are forced to buy or earn more to qualify for the top loyalty levels.
• Provide limited services in regulated markets. Nexo recently pulled out of the US and is reducing services in other key markets like the UK. Many other platforms have found ways to offer some services based on location rather than blocking users from accessing the site. Nexo swaps, its web3 wallet, and Nexo Pro parallel services offered by competing platforms without significant restriction. However, these services are unavailable in the US and may be restricted in other markets.

Our Review Methodology

Cryptonews.com is committed to unbiased reviews of products and services to help readers make better-informed buying and investing decisions. We evaluate exchanges based on a wide range of factors, performing real-world transactions where possible and comparing advertising claims against real-world results.

We review exchanges using a point system that considers usability, fees, available trading types, tradable cryptocurrencies, and additional weighting factors. In addition, we examine regulatory oversight and licenses, where applicable, as well as security measures taken by the exchange to protect users.

Conclusion

Nexo’s strengths come from its lending and borrowing platform rather than from its exchange offerings. With only 65 tradable cryptos, investment options center on top assets.

However, as a lending and borrowing platform, Nexo excels. With the ability to earn up to 16% yields in just a few clicks, Nexo becomes an attractive option for investors who want to put their crypto to work. Borrowing rates as low as 0% make Nexo a viable alternative for crypto-backed loans. As a caveat, we’d like to see better transparency regarding reserves, assuring depositors that their crypto is safe on the platform.

FAQs

Is Nexo a trusted platform?

Nexo’s users on Trustpilot generally trust the platform, awarding Nexo with a 4.7 out of 5 TrustScore, which is among the highest scores for any crypto-related platform.

Is Nexo safe to use?

We’re not aware of any hacks or breaches with Nexo. The platform also offers two-factor authentication as well as biometric authentication for its mobile app.

Is Nexo better than Coinbase?

Nexo offers better borrowing terms compared to Coinbase, which only offers borrowing with BTC as collateral. By contrast, Nexo supports borrowing in dozens of cryptocurrencies as well as USD.

Can I use Nexo in the US?

Currently, most of Nexo’s services are blocked in the US.

The post Nexo Wallet appeared first on Cryptonews.

Ledger has been one of the prominent players in the hardware wallet space since 2014, and it continues to build and innovate. In our comprehensive Ledger Nano X wallet review, we’ll dissect the features and functionalities that make this a must-have cold wallet for any crypto enthusiast.

Our Take on Ledger Nano X

The Ledger Nano X hardware wallet is Ledger’s premium offering that supports over 5,500 coins, tokens and NFTs on various blockchains, including Bitcoin, Ethereum and Solana. One of its standout features is the Bluetooth connection; It allows you to wirelessly connect the hardware wallet to your mobile device, enabling you to approve transactions on the go.

With robust features like the secure chip CC EAL5+, its proprietary operating system, a PIN-protected interface, and an industry-leading companion app, Ledger Nano X offers everything you need from a hardware wallet. Read our Ledger Nano X review to find out more about this cold wallet.

Pros & Cons of Ledger Nano X

Ledger Nano X is the best crypto hardware wallet that will safeguard your digital assets. However, there are some downsides.

What Cryptos Does Ledger Nano X Support? 

The Ledger Nano X hardware wallet supports over 5,500 coins, tokens and NFTs on multiple blockchains, such as Bitcoin, Ethereum, Shiba Inu and Polkadot. But to add a blockchain on Ledger, you need to install that app first on your device via the Ledger Live app. If you only want to hold Bitcoin, you install the Bitcoin app, and that’s it — no need to add multiple blockchains if you won’t use them.

Depending on the coin, you could buy, swap or stake them within the Ledger Live app. For example, Ethereum, Bitcoin and Ripple are available for purchase and swapping in Ledger Live, while you can’t buy or swap Monero at the time of writing.

Some coins may not be supported directly in the Ledger Live app, though. But you can still store them on your Ledger Nano X device by using the supporting wallet of that particular coin. Terra (LUNA) and Internet Computer (ICP), for example, aren’t supported on the Ledger Live app, but they are supported on their wallets like Terra Station Wallet and NNS dapp. Simply connect your Nano X with these wallets, and you’re good to go.

Ledger Nano X Pricing & Fees 

Our Ledger Nano X wallet review found that this device comes with a slightly higher price of $149 apiece compared to the Ledger Nano S Plus which comes at $79. The main difference between the two is that the Ledger Nano X has a Bluetooth connection, while the Nano S Plus doesn’t.

This comes into play if you want to use your hardware wallet to connect to an iOS device where Bluetooth is the only way to connect. If you plan to use your device exclusively with a computer or an Android device, the more affordable Nano S Plus could be a better choice.

On the other hand, the Ledger Nano X cold wallet is slightly larger and it feels sturdier than the Nano S Plus. If you hold thousands of dollars in digital assets and you want to have a good-looking hardware wallet, the Ledger Nano X would be the better choice.

How Secure is Ledger Nano X?

As far as device security is concerned, our Ledger Nano X wallet review concludes that this is one of the best cold wallets you can get to protect your crypto investments because of its secure chip, PIN lock and many other safety features.

Secure Element Chip and Proprietary Operating System

At the core of the Ledger Nano X’s security architecture is its secure element chip CC EAL5+. This dedicated hardware component is designed to isolate transaction signing from other parts of the device. This minimizes the risk of potential points of failure.

The secure element chip has been independently certified by a third party after the chip has undergone rigorous testing and assessment. Another safety feature is the use of Ledger’s proprietary Blockchain Open Ledger Operating System (BOLOS). This allows you to install blockchain apps and turn a simple hardware wallet into a personal wallet with multi-chain support.

Physical Buttons and PIN Protection

The Ledger Nano X hardware wallet comes with two physical buttons used for approving transactions and navigating the BOLOS menus. This makes it hard for hackers to remotely steal your funds as every transaction will have to be approved by simultaneously pressing both buttons.

Ledger Nano X has a PIN combination lock as another protection layer. Every time you want to use your Ledger device, you have to unlock it first. To make things harder for hackers and fraudsters, when you unlock your device you select each number by pressing the buttons on your Ledger Nano X. After selecting the right number, the OLED screen will randomly move to another number, not the closest one. This makes it impossible for anyone close by who’s looking at how you press the buttons to guess the right number combination.

Bluetooth Security and Firmware Updates

Having a wireless connection of any sort in a hardware wallet could be a point of concern for some users. However, Ledger Nano X’s Bluetooth is encrypted end-to-end and the seed phrase, known as private keys, never leaves the device. This makes it almost impossible for an attacker to exploit Ledger Nano X’s Bluetooth connection.

Also, the Ledger Nano X hardware wallet constantly gets firmware updates to address potential vulnerabilities and add new features. Open the Ledger Live app and select your device. If there’s a new update, you’ll see a notification.This should permanently answer the question “is Ledger Nano X safe?”

Is Ledger Nano X User Friendly? 

The Ledger Nano X hardware wallet is acclaimed for its user-friendly design and intuitive setup process, which makes it appealing to both beginners and seasoned crypto investors. Users are guided through the initial setup with clear instructions and you can start protecting your digital assets within a few minutes after you open the box.

Once your device is up and running, you can easily navigate through the clear OLED display where you can see the details of each transaction before you sign it.A notable feature that contributes to Ledger’s user-friendly nature is its seamless integration with mobile devices via Bluetooth. This is the only way to connect to an iPhone or other iOS devices, whereas if you have an Android device, you can connect either with Bluetooth or a USB cable.

Adding to the user experience is the Ledger Live app, which is probably the best cryptocurrency hardware wallet companion app you can get. It’s useful for checking balances, making transactions, swapping coins and tokens, staking coins and tokens and even buying coins and tokens directly within the app.Still wondering, is Ledger Nano X worth it?

Key Features of the Ledger Nano X Wallet

Based on our detailed Ledger Nano X wallet review, buying this device is one of the best financial decisions you can make. That’s because the Nano X is packed with features that make your crypto investing experience safe and smooth.

These are Ledger Nano X’s key features:

Advanced Security

Ledger Nano X’s security architecture combines the secure element chip and a custom operating system. This gives the wallet an impressive combination of hardware and software to conduct transactions and other cryptographic operations while keeping your assets safe.

Because of that, your seed phrase is never shared online. Instead, it’s encrypted and remains safely stored on your Ledger Nano X device regardless of whether you’re connected to your computer or smartphone via Bluetooth.

On top of that, even if someone manages to hold your Ledger Nano X unless they know your PIN combination to unlock the device, it will be useless to them.

Seamless User Experience

Starting from the device setup process to its daily use, Ledger Nano X boasts a seamless user experience, which makes it easy to use even by crypto beginners.

Paired with one of the best companion mobile apps, Ledger Live, you get a full suite to manage your crypto portfolio, from buying crypto within the app to swapping and staking your coins.

The Ledger Nano X uses Bluetooth, which lets you wirelessly connect to your smartphone. Because of that, you can transact and manage your crypto portfolio on the go.

Ledger Card

Ledger lets you bank with your crypto assets via its CL Card. This card is provided by Baanx and is currently available only to UK and EEA customers. With this card, you can spend your crypto or use it as collateral with rates starting from 0%. There are also cashback rewards of 1% in BTC and USDT and 2% in BXX, depending on which assets you decide to spend with your card.

This could be an excellent choice for users who want to leave the world of traditional banking as you fully own the assets, meaning no central authority can freeze them or confiscate them. In the worst-case scenario, you won’t be able to use the card anymore, but the assets remain in your custody within your own Ledger Nano X wallet.

Integration With Third-Party Wallets

Some users may prefer crypto wallets that they are used to already, such as Ethereum’s MetaMask or Solana’s Phantom and Solflare. In this case, you can connect your Ledger Nano X wallet to either of these wallets and use the wallet interface to manage your crypto portfolio.

Based on our Ledger Nano X wallet review, we found that you can make this work by selecting the account tab in your MetaMask wallet, and then selecting “add account or hardware wallet”.

Plug in your Ledger Nano X to your computer and select “Ledger” from the options. Follow the instructions and you will have your Ledger Nano X connected to MetaMask in no time. Now you can manage your Ethereum-based coins and tokens, including layer 2s like Polygon (MATIC) directly from within MetaMask.

Customer Support

If we can choose one section where Ledger shines aside from its hardware wallets, then that is their customer support. Reach out to the team by email, social media or live chat, whichever you prefer.

There’s no option to call them by phone at this moment, however. But that isn’t a deal breaker as the team fixes your issues fast. And if there is a problem with your Ledger Nano X, for example, your battery no longer works, they will ship a replacement free of cost.

Ledger’s support team frequently hosts YouTube live videos where users can ask questions in the chat or provide feedback and the team will reply in real-time.

Reach out to the Ledger’s support team via:

• Ledger Support on Twitter
• Ledger on Reddit
• Ledger on Facebook
• Ledger on Instagram
• Ledger on TikTok

Getting Started with Ledger Nano X Wallet

Setting up your Ledger Nano X hardware wallet takes a few minutes. Here’s how to do it:

Step 1. Install the Ledger Live App on your Computer

Visit Ledger’s official website and download the companion app. Find it under “app and services”. Select “Get started” when you run the app.

Select the Nano X device and then “First time using your Nano X?”. Follow the prompts.

Step 2. Set up Your Ledger Nano X

Make sure you are alone or at least that no one can look at the OLED screen of your hardware device. Plug in your Ledger Nano X.

Navigate through the Ledger’s menu with the buttons until you find “Set up as new device” option. Press the two buttons at the simultaneously to select.Set up your PIN and confirm it. Your PIN can have between four and eight digits. If you plan to use your Ledger Nano X as a cold wallet that you will touch once or twice a year, go ahead and use eight digits and make it as secure as possible.But if you plan to actively engage with decentralized apps, to stake and swap coins and tokens, choosing four digits will save you from a lot of pain down the line.

Step 3. Write Down Your Recovery Phrase

Never take a screenshot of your recovery phrase and don’t write it on your computer. Use the recovery sheets that come in the Ledger Nano X box and write the seed phrase there. Make sure to store it in a safe place. If your Ledger Nano X is damaged or destroyed, you can purchase another and restore your assets with the recovery phrase. If you lose your seed phrase, you won’t be able to get access to your funds.

Verify the recovery words on the Ledger Nano X by scrolling sideways until you have the correct words. Confirm your recovery phrase by pressing the two buttons when the correct word is shown.

Open the Ledger Live app. Select “Check my Nano” to make sure it’s a genuine device. The app will prompt you to press both buttons to “Allow Ledger Manager”.

Step 4. Install the Apps you Want

Open Ledger Live again and select “My Ledger”. Confirm the connection on your Ledger Nano X. Install the blockchain apps you intend to use, for example Ethereum and Bitcoin.

That’s it. Congratulations!

 Is Ledger Nano X Worth it in 2024? Our Conclusion

Our Ledger Nano X wallet review concludes that this is one of the best cold wallets you can get this year. It can safely store over 5,500 coins, tokens and NFTs; it lets you connect to your smartphone via Bluetooth; you can use it with popular wallets like MetaMask; and it comes with the best companion app called Ledger Live.

As the next bull run starts to gain traction, scams and frauds will pop up at every corner of the Internet. Paying $149 for the Ledger Nano X is a small price to pay to keep your digital assets safe.

FAQs

How safe is Ledger Nano X?

The Ledger Nano X is one of the safest cold wallets you can get due to its secure chip and proprietary operating system that keep your seed phrase encrypted and offline.

Is Ledger Nano X reliable?

Yes, Ledger Nano X is reliable. But in case something happens to it, say the battery dies, contact Ledger Nano X support and they will send you a replacement free of charge.

What is the downside of Ledger Nano?

The only downside of the Ledger Nano X is probably its price, given you can get the same functionality with the Ledger Nano S Plus.

Is Ledger Nano X untraceable?

You don’t need to do KYC to use Ledger Nano X, which makes it anonymous.

What does a Ledger Nano X do?

Ledger Nano X is a cold wallet that keeps your seed phrase offline and safe. Moreover, for every transaction that you make, you have to physically press both buttons to approve it.

References

• https://station.terra.money/
• https://nns.ic0.app/
• https://www.trustonic.com/opinion/what-eal5-is-and-why-receiving-it-is-such-a-significant-achievement/

The post Ledger Nano X Wallet appeared first on Cryptonews.

With over 30 million users worldwide, MetaMask is known as a leading crypto wallet and describes itself as a “gateway to blockchain apps”. The cryptocurrency wallet has long been considered the go-to wallet for holding cryptocurrency and participating in crypto presales. 

How does MetaMask work and why is it so popular? What sets this software wallet apart and makes it so accessible to all? Get answers to these questions in this MetaMask Wallet Review. 

Do We Recommend MetaMask Wallet?

Whether you are a beginner looking to buy and store your first crypto asset or a veteran looking for full control of your tokens, MetaMask is a secure non-custodial wallet. Also, this wallet is easily accessible to all and completely free to use, with no maintenance charges or hidden fees. 

As we dove deep into its mechanics, we found it to be easy to use. And its compatibility is unparalleled, considering you can use it on your iOS and Android-based smartphones. Desktop users also won’t have any problem using the browser extension. The Chrome extension is lightweight and doesn’t encumber the web surfing experience. 

The only issue we found, however, was its pre-settings. Being designed to store Ethereum-based assets by default, you need to customize the settings yourself to add additional networks. There is however an online tutorial to help you understand how to set up a MetaMask wallet quickly. 

Bitcoin support is also not present on this wallet, and you can’t directly buy cryptocurrencies using it. It has partnered with third-party sites like MoonPay and Mercuryo to provide that facility. 

Despite these shortcomings, MetaMask’s support for decentralized applications makes it a great pick. We consider it one of the best Ethereum wallets for beginners. 

What are the Pros and Cons of MetaMask Wallet?

Pros

• Non-custodial wallet – you have full control over your assets
• Secures your assets using a passphrase and password
• Installable on mobile as an app and on the browser as an extension
• No maintenance fee required
• Suitable for multiple networks
• Helps interact with decentralized applications

Cons

• Does not support Bitcoin
• Only comes pre-installed with Ethereum Network – manual addition of other networks required
• Does not support Bitcoin
• Employs third-party apps to help users buy cryptocurrencies

What is MetaMask?

MetaMask first appeared in 2016 exclusively as an extension-based wallet to be installed on browsers like Chrome, Firefox, and others. But the app soon came on iOS and Android as a downloadable wallet, which enabled mobile-based crypto investors to store their assets. 

Being a non-custodial wallet, MetaMask gives complete control of the assets to users. Users need to remember their security codes – password and passphrase – in order to gain access to their holdings. 

The passphrase is an alternative to a private key, a 12-word phrase that investors must memorize or save. This passphrase isn’t recoverable, which means if the user loses it, MetaMask can’t help with the recovery process. 

These stringent security measures can be seen as minimalistic because the onus of security falls exclusively on investors. And since there are no inherent security guarantees that MetaMask provides, the wallet is free of cost. 

MetaMask was designed to support Ethereum-based assets since those were the exclusive cryptos that supported decentralized applications. But with time, when more alternative networks took the PoS route and had dApps of their own, MetaMask added support for them. However, these additional networks, which include Optimism, Arbitrum, Polygon, Binance Chain, and Avalanche, must be added manually, 

Speaking of decentralized applications and other blockchain-based assets, MetaMask can be used to store NFTs and interact with DApps. And the standard UI that MetaMask has gone with makes it easy for users to buy and store NFTs, store tokens, and earn interest by staking. 

When it comes to fees, MetaMask doesn’t charge any.  But the third parties that allow it to provide the ability to buy crypto assets, do. So, for every crypto asset a user buys or transfers using the MetaMask wallet, there is a 3 to 5% commission. It can be deemed high as compared to its competitors, such as Binance, which charges only a 0.1% fee (at most). 

What are the Cryptocurrencies Supported by MetaMask by Default

Here are the cryptocurrencies that users can store on MetaMask: 

Ethereum and Ethereum-Related Assets

As we already mentioned before, devs designed MetaMask to allow users to interact with the Web 3 ecosystem primarily. This is why by default, it can be used to store and buy Ethereum and Ethereum-based assets, which are based on the ERC-20 standard. 

Other Assets that it Supports

While MetaMask accepts Ethereum by default, it has made room to support other networks as well, such as Polygon, Arbitrum, Optimism, Avalanche, and also Arbitrum network. But these networks must be added manually by entering details such as Chain ID, Symbol, Network name, Block Explorer URL, and New RPC URL.

The lack of support for the new networks by default can be seen as a drawback for beginners. However, there are tutorials available.

Assets that MetaMask Does Not Support

MetaMask only supports a handful of networks at the moment, and it is only the assets available on those networks that one can store on this crypto wallet. Cryptos like Solana, Cardano, XRP, Litecoin, Bitcoin, Polkadot, and other top tokens by market capitalization aren’t available on MetaMask. And the reason is that none of them are EVM compatible. 

Simply put, for an asset to be supported on MetaMask, it must be compatible with the Ethereum Virtual Machine. 

If you want to store and transfer Bitcoin, check out our list of Bitcoin-only software wallets.

MetaMask Wallet – Decentralized or Centralized

MetaMask is not a centralized wallet. It is completely decentralized, giving users complete custody of their own assets. That means users are responsible for setting up their private keys during setup and never share them with anyone else for their own protection. 

Being decentralized, however, means that the responsibility of security only falls on the user. While that can encourage investors to be more careful, it also means that if there is a technical mishap that causes users to lose their keys or assets, MetaMask won’t share liability. 

That said, there are some aspects of MetaMask that are centralized, which are used by it to process fiat payments using third parties. These parties are Mercuryo, Sardine, and Transak. And if an investor is using fiat payments via MetaMask, providing KYC documents is a must. 

Check out our list of best-decentralized crypto wallets to use this year. 

What is the Fee Structure of MetaMask?

MetaMask doesn’t have any fee for incoming transactions. However, if a user is sending crypto via the wallet, they become subject to the network fee. 

Gas Fee

There is a gas fee they need to pay for transferring crypto – not to MetaMask – but to the network. And since the gas fee is directly proportional to network congestion, any slowdown during the transaction will result in an increased gas fee. 

However, users can preset to limit the gas fee they need to pay during the transaction process. But that makes transactions a matter of chance. For instance, if the network is especially congested and the gas fee increases beyond what the user has set in the systems, the transaction will be cancelled. 

Bridged Transaction Fee

If an investor is using a bridged transaction on MetaMask, a fee is levied. This fee is determined by the type of network used and how efficiently the bridge is working. According to the official website of MetaMask, the bridge fee will be reflected on the “return” figure that shows how much a user will receive minus the fee.

• The return figure takes the following into consideration. 
• The MetaMask transaction fee, which is 0.875%
• The gas fee on the destination network, which the bridge provider asks for
• Fee meant for the validators and liquidity providers
• And Price Impact, which depends on the liquidity available and will be impacted by the Bridge 

On average, the total fee comes out to be 3 to 5%.

What are the Security Features of MetaMask?

With MetaMask, users have complete control over their funds. While that can be daunting for investors, there are blockchain-powered security features that make MetaMask a safe wallet choice for both new users and seasoned traders. 

Password and Passphrase

The most crucial security features on MetaMask are the passcode and the “seed” phrase. The password encrypts the private keys, and the seed phrase helps with funds recovery in case a user loses their device. MetaMask has also enabled two-factor authentication for an added layer of security. 

Password

A strong password is a must to protect a user’s assets and identity. It is the key detail necessary for users to remember if they want to access their wallet. It is recommended that users create a password for each device type on which MetaMask is stored. For instance, if a user has a browser extension and a MetaMask mobile app, then passwords on both of them must be different. 

Passphrase

The passphrase, or the seed phrase, is the second piece of crucial information that users must be aware of. As we already mentioned, it is a 12-word keyphrase that will allow users to recover their funds if the device they stored their crypto assets in is lost. While a lengthy keyword can be too difficult to remember. Thus, we recommend that our readers note the passphrase on a clipboard or a device to which they know they will always have access. And the device must not be connected to the internet.  

This passphrase allows users to recover their passwords if they ever lose them. MetaMask doesn’t save it, so if the passphrase is lost, there is no way to recover it. 

Encryption Implemented

MetaMask has opted for a standard encryption model to protect a user’s assets. During wallet creation, MetaMask creates a unique key pair that it then uses to encrypt a user’s data. According to MetaMask, the data is encrypted to ensure that even if your device is stolen or hacked, your data remains confidential. MetaMask also stores the data locally so that users have full access to it, and that further reduces the chances of a data breach. 

Phishing Detection and Protection on MetaMask

The crypto industry is plagued by phishing attacks, which have increased during the crypto winter. MetaMask has thus implemented multiple security features to protect users against any type of phishing attempt. 

The main one among them is the warning message. Whenever it detects that a site is dubious and is attempting to steal a user’s data, it displays a warning message stating that the “site is suspected of phishing”. 

What are the Features of MetaMask Wallet?

Listed below are some of the key features of the MetaMask wallet. 

Token Swapping

MetaMask’s interface has been designed in a way that users don’t need to leave their wallets to swap their tokens. But MetaMask isn’t directly involved with the swaps. It does so with the help of liquidity pools it has partnered with. 

These liquidity pools have both perks and disadvantages. The crypto wallet claims that it can find the best liquidity pools for users in the market with the best speed and the least fees. Ideally, that would enable users to get the maximum out of swapping, as they won’t need to worry about enormous fees. 

But MetaMask does not support all the liquidity pools. That means it merely provides users with information about which liquidity pools are best without always providing them with the ability to use them. Furthermore, depending on the liquidity pool being used, you will be charged a fee. 

Smart Transaction

One of the latest features that MetaMask has implemented is smart transactions. Enabling it would allow users to minimize the transaction cost, reduce transaction failures, eliminate struck transactions, and prevent front running. 

According to the website, enabling Smart Transaction will prompt MetaMask to submit a user’s transaction privately and multiple times. If the transaction is unsuccessful, it will be publicly broadcasted. Users get the option to enable it when they are attempting to do their first swap, and it can later be disabled via the advanced settings. 

Staking

Users will also find an in-built staking facility on MetaMask. It allows users to put their idle crypto holdings to work and earn interest on them.

It is also a third-party facilitated service, and there is only one crypto that can be staked – Ethereum. Also, there are only two staking providers available at press time – Lido and Rocketpool. With Lido, users can earn an APY (Annual Percentage Yield) of 4.11%. And with Rocketpool, staking rewards are limited to 3.36%. 

Do note that this staking reward is what’s currently available presently. It can vary depending on how much stETH or rETH is available in their respective liquidity pools. 

Storing NFTs

MetaMask can also be used to store NFTs. However, there are only two standards available – ERC-721 and ERC-1155. And when it comes to transferring NFTs, MetaMask only facilitates the ones with the ERC-721 standard. 

Educational Resources 

For those who are new to the cryptocurrency space, MetaMask has got educational resources like articles and video tutorials. These explain everything from Web 3.0 to NFTs to self-custody and other topics related to blockchain.

Every section, whether it is Bridge, Buy, Stake, Swap, or Dashboard, all have a slew of articles connected to them that can be read at any time. 

And the platform itself provides a robust tutorial about how to use the wallet. While these explainers are good, we felt like these need to be simplified a bit more. See our own guide on how to set up MetaMask.

Customer Support

MetaMask offers customer support, but only through the help center and community forums. When we checked this feature, we also found some warnings that say MetaMask never asks for a secret recovery phrase. That indicates that there are several fake community forums and help centers created around MetaMask. Therefore, we recommend that our readers only go to the official website for that information. 

How is the User Experience of MetaMask?

MetaMask has mostly billed itself as a self-custodial wallet, which means everything is the responsibility of the user. However, that doesn’t mean only experts can access this platform. We found the UI of the platform to be fairly simple on both mobile and desktop.

Creating a wallet is easy. Users are first asked to pick a strong password and, upon submission, asked to provide a passphrase. While users are allowed to delay providing a passphrase, it is recommended that they choose the seed phrase right then and there. The platform then confirms the user’s identity by asking for certain missing terms from the passphrase; upon entering these terms, users get access to their accounts.

Upon entering the details, MetaMask shows a portfolio to the user. Here, they are asked to connect their other wallets to access the “full potential of this dapp”. There is also an option to watch any wallet, which requires entering an ENS name or wallet address. 

The Buy section is simple to access. It allows one to buy using fiat currencies. MetaMask first asks the user to enter their country of origin and then gives them access to the fiat options. For instance, those from India get to choose between UPI, IMPS, and Debit or Credit cards. 

The swap section is equally easy to understand. Users will also get info about the gas fee while interacting with it. 

The staking section is also simple, providing users to pick between two options. The rest of the settings are concerned with gas prices, the currency of choice, interface colour, settings, support, and FAQs. We chose the dark mode during our review because of its aesthetic appeal. 

These features are for the desktop extension. The mobile version is pretty much the same, providing the same features but in a more condensed manner. The UI is a lot cleaner, we would say, and both Apple and Android versions have received good reviews from users. 

How to Transfer Funds and Buy Crypto Via Metamask Wallet – Full Guide

Listed below are the steps one needs to take to buy crypto or transfer them via the MetaMask wallet

Transferring Crypto to Other Wallet

Let’s start with what we presume to be the more complex of the two. This process entails clicking the MetaMask wallet, picking up the token to send, and pressing the “send button”. The wallet will then ask the user to enter the wallet address, after which the gas fee that will be deducted from the transfer amount will be displayed. 

Click the “Next” button and proceed to review the info. If everything is correct, confirm the transaction. 

We recommend always having surplus tokens to send since transactions can fail when there isn’t enough crypto in the wallet to cover the gas fee and the transaction amount. 

Buying Crypto Using the Metamask Wallet

There are two ways to buy cryptocurrency using the MetaMask wallet. Users can swap their tokens, such as ETH, for other assets. Or, they can use fiat methods. For the fiat methods, they must choose the Buy option. 

Clicking on the “Buy” option will prompt MetaMask to ask for the user’s country of origin, after which fiat payment methods will be provided. Since fiat currency is involved, this process requires users to deposit a KYC document. 

How to Withdraw From MetaMask Wallet?

Withdrawal is also simple via this wallet. Users simply need to transfer their tokens outside the MetaMask wallet and then convert them into fiat. 

Customer Support on MetaMask

As we already discussed in the previous section, community forums, and help centres are the only two ways for users to access customer support. The support section is full of how-to guides that users can read to resolve their issues. And chances are that these articles would be helpful in solving most issues. However, if, in case, none of these tutorials pans out, reaching out to the community forum is another option. But as we scrolled down, there was another option we found that involved talking to the customer support team. The response times are quick. However, we recommend only asking them precise questions. 

How to Use a MetaMask Wallet?

Here are the steps you’ll need to follow to set up a MetaMask wallet:

Step 1 – Go to the Official Website of MetaMask

The first step is to go to the metamask.io website. Here, users will be prompted to download the version depending on their browser. By default, the download will be set to what browser is used to search for the wallet. But users can pick between iOS and Android versions as well. 

Step 2 – Creating a Password

After downloading and installing the wallet, users will be asked to pick a password. We recommend using a strong password with more than 10 alphanumeric characters and symbols. We tried it with eight characters, and it turned out to be an average password. 

Step 3 – Save the Seed Phrase

As soon as the user enters the password, they will be recommended by MetaMask to set the seed phrase. They can defer it, but it is not recommended. Click the “set the passphrase” button and copy the phrase to a clipboard. Upon clicking on the next button, users will be asked to enter the missing terms of the seed phrase. Enter the details and click on “Confirm”.

Step 4 – Add Crypto to the Wallet

Once users have set up their accounts, the time comes to add funds. There are two ways to go about it. For those who are buying cryptos for the first time, the buy option allows them to buy those assets using fiat. 

For those who seek to transfer their assets from other wallets to MetaMask, the process involves copying the wallet address to an external wallet and sending crypto from the external wallet. 

When buying new cryptocurrency assets, prior to their ICO, there is usually an option to connect your MetaMask wallet to the official site of the project and then swap ETH or USDT for the tokens.

The Verdict

We reviewed MetaMask after downloading it and performing the basic functions, and these are our findings:

• It has a good user interface. Even beginners won’t have any trouble buying and storing cryptos using it. 
• The security feature that involves private keys encourages users to be accountable. 
• It allows users to buy crypto not just using other cryptos but also using fiat, which is a plus, especially for a decentralized wallet. 
• Only the Ethereum network is supported by default on the platform. Adding other networks requires manual effort, which would be difficult for beginners. 
• Most of its utilities related to buying assets involve third-party support, which adds charges. 

Like most wallets, MetaMask isn’t perfect. But what it is capable of doing, it does well. 

See our complete list of the best crypto wallets of 2024. 

FAQs

What is a MetaMask wallet?

MetaMask wallet is a non-custodial, decentralized wallet that allows users to buy, store and transfer cryptos, store NFTs, and interact with decentralized applications. 

Is MetaMask a safe wallet?

MetaMask is a non-custodial wallet, which means that the onus of safety falls upon the user’s shoulders. However, it has provided some security features such as mild phishing detection, password and passphrase, encryption, and two-factor authentication to protect a user’s assets. 

Is it free to use MetaMask?

Storing and receiving crypto assets won’t come with any costs on MetaMask. However, using bridged transactions, buying and transferring cryptos do involve some fees.

References

1. https://metamask.io/download/
2. https://play.google.com/store/apps/details?id=io.metamask&hl=en_IN&gl=US
3. https://originstamp.com/blog/is-metamask-safe-what-you-need-to-know

Related

1. How To Use MetaMask Wallet on the Polygon Network
2. How to Use Binance Smart Chain (BSC) with MetaMask
3. How to Add Tokens to MetaMask Wallet
4. How to Link MetaMask to Uniswap
5. How to Deposit and Withdraw Tokens Through MetaMask

The post MetaMask Wallet appeared first on Cryptonews.

This Ledger Nano S Plus wallet review explores the advanced security measures, user-friendly interface and the combination of features that make this device the best crypto hardware wallet you can get. The way it works is it holds your seed phrase safe and offline, and every time you wish to make a transaction, you have to physically press the buttons to approve it.

Our Take on Ledger Nano S Plus

Ledger Nano S Plus is the upgraded version of the old Nano S, which now comes with a larger display and more storage capacity. This version offers the same functionality as its more expensive sibling, the Ledger Nano X but at a lower price.

The only thing that the Ledger Nano S Plus lacks compared to the Nano X is a Bluetooth connection.Other than that, you get to store over 5,500 coins and tokens and you get access to the industry-leading app called Ledger Live where you can stake coins, purchase coins, access dApps and more, making the Ledger Nano S Plus an excellent cold storage option. Read our Ledger Nano S Plus review to see why this wallet is one of the best.

Pros & Cons of Ledger Nano S Plus

The Ledger Nano S Plus hardware wallet is the best cold wallet that can keep your crypto and NFTs safe. That said, there are some drawbacks to consider.

What Cryptos Does Ledger Nano S Plus Support? 

The Ledger Nano S Plus cold wallet supports over 5,500 coins and tokens on various blockchains, including Bitcoin, Ethereum, Solana, Cosmos and more.

The way it works is simple. Whenever you want to add a certain coin, token or NFT to your device, you install an app for that particular blockchain, say Ethereum. You can now move all Ethereum-based coins and tokens to your Ledger Nano S Plus.

If you want to add Solana-based coins, tokens or NFTs next, install the Solana app. Repeat the process for any blockchain you want.

Ledger supports additional features for some coins and tokens. For example, you can buy and swap Bitcoin, Ethereum, Ripple and Polkadot within the Ledger Live app, but you can’t buy and swap Eos and Monero as of this writing.

Moreover, some coins and tokens aren’t directly supported in the Ledger Live app but you can still use Ledger by connecting it to the supporting wallet of that particular coin, say Monero via its GUI Wallet.

Ledger Nano S Plus Pricing & Fees 

Our Ledger Nano S Plus wallet review found that this device comes with a competitive price of $79. Similar wallets from other companies may cost the same or slightly more, but they lack the robust functionality of the Ledger Live app.

Moreover, the Ledger Nano S Plus hardware wallet is competitive even within the Ledger ecosystem. For example, the Ledger Nano X costs $149, and the main difference is that Nano X has Bluetooth support. Granted, this is a convenient way to connect your Ledger wallet to a smartphone – and it is the only way, so far, to connect to an iOS device.

If you plan to use the app frequently on your iPhone, then the Nano X would be the better deal. But if you plan to mostly use your Ledger Nano S Plus with your laptop or PC, you can use it out of the box with the USB cable. For Android devices, you will need to get the Ledger OTG Kit that comes with various USB cables to connect. If this is all you need, buy Ledger Nano S Plus.

Ledger recently employed something called Ledger Recover. This new feature can help you recover your seed phrase – which is the only way to get access to the coins in your Ledger wallet. However, this feature is optional and comes with a monthly subscription fee of $9.99.

How Secure is Ledger Nano S Plus?

Our Ledger Nano S Plus review found that this device is a robust crypto wallet that stores your seed phrase offline and is secure from tampering. On top of it, it has an extra protection layer via a PIN combination lock.

Physical Buttons and PIN Protection

All Ledger Nano S Plus hardware wallets come with two physical buttons that you have to press every time to authorize a transaction. This means that even if you use a malicious link and connect your wallet to a fraudulent website, the fraudsters won’t be able to steal your assets unless you physically press the buttons and approve the transaction. Moreover, if a hacker gains access to your computer, they won’t be able to transfer your funds without you explicitly approving it.

But before it comes to the point of approving transactions, you have to unlock your Nano Ledger S Plus cold wallet first. There is a PIN-gated access where you can use between four and eight digits to unlock your device. Every time you activate your Ledger Nano S Plus, the OLED screen is set to a different number from zero to nine, and you have to press the Nano S Plus buttons to select the right combination of numbers. Even if someone watches you press the buttons, they can never tell which numbers you press.

Secure Chip

The Ledger Nano S Plus cold wallet has a certified secure chip CC EAL6+. This dedicated hardware component is designed to handle cryptographic operations in a secure environment.

The way it works is it isolates sensitive operations from the main processor to prevent potential failure points. The same Secure Element chips are used for protecting data in credit cards, passports and SIM cards. The certification part is done by independent third parties who evaluate the chips’ security.

Proprietary Operating System

The Ledger Nano S Plus wallet uses the Blockchain Open Ledger Operating System (BOLOS). This OS has turned a simple hardware wallet into a personal security device where you can install applications and add new privacy features.

Upon doing the Ledger Nano S Plus wallet review we found that to combat growing threats, the device gets regular firmware updates via the Ledger Live app. These updates typically address potential vulnerabilities and introduce new features, which is why users are encouraged to constantly update their devices to keep them up to date. All of this puts to rest any questions like “Is Ledger Nano S Plus safe?”

 Is Ledger Nano S Plus User Friendly? 

The Ledger Nano S Plus cold wallet has a user-friendly design, making it accessible to both seasoned cryptocurrency enthusiasts and beginners alike. There’s a straightforward setup process with clear on-screen instructions. By using an OLED display on the hardware wallet, Ledger ensures that you can easily verify and confirm transactions.

Moreover, the Ledger Nano S Plus wallet prioritizes user convenience through its compact and portable design. You connect the devices via a USB port on your computer or your Android device. Since there is no battery, the Ledger Nano S Plus has to be connected to operate.

Additionally, the device comes with a companion app called Ledger Live, which is available for desktop and mobile devices. Through the app, you can monitor your portfolio, send or receive funds, buy cryptocurrencies, swap them or use popular dApps like Yearn and Lido.

Key Features of the Ledger Nano S Wallet

Upon doing a thorough Ledger Nano S Plus wallet review we conclude that this device is feature-rich and definitely worth buying. Here’s what you get:

Advanced Security Measures

The Ledger Nano S Plus boasts a range of advanced security features, including integration of a secure element chip and a custom operating system. This provides dedicated hardware and software integration that can handle cryptographic operations in a secure environment.

This is how your seed phrase, also known as a private key, is stored. Whenever you enter your seed phrase in your Ledger Nano S Plus, it never goes online, thus it can’t be exploited by hackers. The PIN protection adds another layer of security as no one can access your Ledger Nano S Plus cold wallet unless they know the PIN unlock combination.

User-Friendly Interface and Accessibility

In addition to its robust security, the Ledger Nano S Plus wallet prioritizes a user-friendly interface both on the device itself and through the Ledger Live app. The device itself is compact, allowing users to conveniently manage their digital assets on the go. The OLED display on the wallet shows all the transaction details, so you know what you’re approving.

Integrating the Ledger Live app makes the user experience even smoother as you can manage your portfolio, send and receive coins and tokens, swap coins and tokens, and even purchase coins via third-party providers from within the app. You can also use some decentralized applications such as 1Inch, Lido, Yearn, and more.

Integration With Third-Party Wallets

Another cool feature of the Ledger Nano S Plus wallet is that you can use it to connect to other wallets, such as Ethereum’s MetaMask and Solana’s Phantom wallets. Our Ledger Nano S Plus wallet review found that to make this work you have to select the account tab at the top of your MetaMask wallet and select “add account or hardware wallet”.

You then plug in your Ledger Nano S Plus wallet and select “Ledger” from the options. Follow the prompts and you’ll have your Ledger wallet connected with MetaMask. Now you don’t need to use Ledger Live to manage your Ethereum-based coins, tokens and NFTs – you can do so directly from MetaMask. However, occasionally opening the Ledger Live app is recommended as that’s how your device gets firmware updates.

Customer Support

Ledger’s customer support is top-notch. You can reach the team by email, social media or live chat. Unfortunately, there’s no phone support. However, Ledger’s support team typically finds solutions to your problems fast and if they can’t fix a device problem, they will ship you a new hardware wallet.

Often, Ledger’s support team will host YouTube live videos where you can ask questions in the chat and the team will reply. You can reach out to the support team on the following social media accounts:

• Ledger Support on Twitter
• Ledger on Reddit
• Ledger on Facebook
• Ledger on Instagram
• Ledger on TikTok

Getting Started with Ledger Nano S Plus Wallet

Setting up your Ledger Nano S Plus is a straightforward process. Here’s how it goes:

Step 1. Install the Desktop Ledger Live App

Visit Ledger’s official website and download the Ledger Live app under the “app and services” menu.

Install the app after it’s downloaded and click “Get started”.

Follow the prompts – select Nano S Plus device from the options and select “First time using your Nano S Plus?” Finally, select “Let’s do this!”

Step 2. Setting up Your Ledger Nano S Plus

1. Make sure no one around you can look at your Ledger Nano S Plus screen.
2. Connect your Ledger Nano S Plus to your computer with the USB cable.
3. Use the Ledger Nano S Plus buttons to navigate through the options.
4. Press the right button until you get to the “Set up as new device” option.
5. Press both buttons at the same time to accept the selected option.

Set up your PIN and confirm it. You can select from four to eight digits. If you plan to actively use your Ledger Nano S Plus, going with four digits will make it way easier later down the road. But if you plan to use your Ledger Nano S Plus as a Bitcoin cold storage that you touch once or twice a year, an eight-digit PIN is likely the best option.

Step 3. Write Down Your Recovery Phrase

This is the most important step.

• Take one of the recovery sheets that come in the Nano S Plus box and start writing down your seed phrase.
• Make sure no one is watching and never enter the seed phrase on your computer or take a photo of it.
• Store your seed phrase in a safe place.
• Verify the words on the Ledger Nano S Plus device by scrolling until you see the correct word.
• Confirm each word by pressing both buttons at the same time.
• Open the Ledger Live app and follow the prompts.
• Finally, select “Check my Nano” to make sure it’s a genuine device.
• Press both buttons on the Ledger Nano S Plus to “Allow Ledger Manager”.

Step 4. Install Blockchain Apps

Open the Ledger Live app and install the blockchain apps that you wish to use, such as Bitcoin, Ethereum, Solana, or any other app you want. Go to the “My Ledger” tab at the bottom of the navigation menu and click both buttons on your Ledger Nano S Plus device to approve the connection with the app. This is where you update your device’s firmware, but also where you install and uninstall the blockchain apps. And that’s it. You’re all set.

Is Ledger Nano S Plus Worth it in 2024? Our Conclusion

Our Ledger Nano S Plus wallet review shows that this is one of the best hardware wallets you can get in 2024. It can store over 5,500 coins, tokens and NFTs, it can integrate with popular wallets like MetaMask and Phantom and it comes with an industry-leading companion app called Ledger Live.

With scams and frauds in the crypto space becoming rampant, investing in a hardware wallet like the Ledger Nano S Plus could be the best decision you could make.

FAQs

What is Ledger Nano S Plus used for?

Nano S Plus is used as a hardware wallet to protect your coins, tokens and NFTs from hackers and fraudsters.

How do I set up my Nano S Plus wallet?

Setting up your Nano S Plus wallet is simple. Download the Ledger Live app for your desktop and connect your Ledger device. Follow the prompts.

How do I use Ledger Nano S Plus for Bitcoin?

Install the Bitcoin app within the Ledger Live app and you will get your own Bitcoin address.

Can you sell crypto from Ledger Nano S Plus?

You can swap your crypto for other crypto within the Ledger Live app but you can’t sell your crypto for fiat currency like USD.

Is Ledger Nano S Plus legit?

Yes, Ledger Nano S Plus is the upgraded version of the Ledger Nano S from one of the most popular and reputable hardware wallet companies.

References

• https://www.getmonero.org/downloads/
• https://www.coindesk.com/tech/2023/10/24/crypto-wallet-maker-ledger-officially-rolls-out-recover-unleashing-fresh-round-of-snark/
• https://www.eenewseurope.com/en/eal-6-certified-se-chip-promises-increased-mobile-security/

The post Ledger Nano S Plus Crypto Wallet appeared first on Cryptonews.

Holding your crypto assets (or HODLing) is widely regarded as one of the best things you can do with them. However, you may feel like you’re missing out by not taking advantage of price swings, drops and peaks, etc. to make the most of what you own and increase your holdings—as risky as that is. Luckily, YouHodler is a service that offers an alternative to simply letting your funds lie: you can lend them and earn interest—or just keep them in a savings account and again accrue interest at competitively high rates.

Savings Account

If you have crypto lying around, you might want to put it into a savings account and actually earn more crypto on that. On YouHodler, the percentage will vary depending on which coin you’re depositing: you can get the most from stablecoins, which will yield you 12% or more, but other coins have decent annual percentage rates (APRs) as well. For example, Bitcoin (BTC) will get you 4.8% of the deposited amount on a yearly basis, while Ethereum (ETH) has an interest rate of 5.5%. YouHodler offers a total of 33 different coins that you can place into a savings account with varying degrees of interest. Still, the lowest they can go is 2.5%, which is still decently high.

For comparison with traditional finance, comparison service Bankrate puts the US national average APY for savings accounts at a measly 0.06%. The highest APY as of June 2021 was 0.61%. For crypto holders, such low interest rates are unimaginable: the least you can receive is 2.5% on an annual basis for Augur (REP), while all other coins will yield you far more than that. Additionally, you will get paid on a weekly basis; there is no need to wait for longer periods of time, which is often the case in traditional institutions.

Loans

If you need funds, YouHodler also offers loans. You can use 30 different cryptocurrencies as collateral with a loan to value ratio of 90% — which means your loans will need to be overcollateralized. Of course, this is not a problem as long as you know you will return the loan in a timely manner: overcollateralization is the norm in crypto borrowing and lending. This loan to value ratio is available for a 30-day loan: if you need longer to return the funds, you will get a loan to value ratio of 50% for a 180-day loan, and 70% for a 61-day loan. Of course, if you can’t repay all of the loan, you won’t receive all of your collateral back.

The loans you receive can be paid out in EUR, USD, CHF and GBP and withdrawn instantly to credit card and personal banks. The minimum amount is USD 100, which is on the lower end in the industry: other services often require you to take out USD 1,000 or more.

Other Services

Additionally, YouHodler also offers an exchange with universal conversion between all altcoins and stablecoins, as well as fiat. There is also a Multi HODL service, similar to margin trading, where you can earn up to 30x your holdings. However, it comes with all the risks of your usual margin trading, so be sure to do your due diligence and only invest as much as you can afford to lose.

To summarize, if you have crypto lying around and want to put it to good use—YouHodler is the platform for you. Regardless of whether you want to keep your Bitcoin in a crypto wallet, earn interest on your savings account or take out a fiat loan backed by your crypto, this is the perfect place for this. Happy trading!

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The post YouHodler Review: Earn from Your HODLing appeared first on Cryptonews.